Vitol JV update: Galoc Field – declaration of commerciality
Galoc Production Company (GPC) is pleased to advise that the Extended Test undertaken at the Galoc Field has been concluded. The data obtained during the Extended Test has proved invaluable in providing sufficient confidence in reservoir performance to justify commencement of long term production.
Production will be continued from the existing 2 wells, meanwhile, assessment of the potential for additional incremental development is underway. Performance of the reservoir, production facilities and uncertainty in the oil price over the next 3-6 months will be key considerations in this assessment.
Further information on GPC and the Galoc Field can be obtained from:
GPC’s website www.galoc.com