Trans-Asia Oil Updates on Re-entry, Testing Operations at Nassiping-2 Well

Makati–(PHStocks)–Trans-Asia Oil and Energy Development Corp. (PSE: TA) has announced the completion of the re-entry and testing operations at the Nassiping-2 well in Gattaran, Cagayan under petroleum Service Contract No. 52.

Seven (7) zones within a 200 meter section of the objective limestone reservoir were perforated and the well was flowed for about 26 hours for clean up, then shut in for 12 hours to build up pressure prior to gas flow testing.

Despite high pressure readings and initial high gas flow rates, Frontier Oil Corporation, the Operator, was unable to establish a stable and sustained measurement during testing. A decision was made to suspend the test. It was later established that the packer was unseated at some point during the operation. The well was controlled by heavy drilling mud and temporarily plugged for possible re-entry and re-testing at a future date.

Trans-Asia will evaluate the results of testing once all the pertinent data become available. The company has an option to acquire 10% participating interest in SC 52 from Frontier Oil, which may be exercised by payment of an agreed amount within a specified period of time following completion of re-entry and testing of Nassiping-2 well.

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