Gas2Grid Limited announced that site operations for the Nuevo Malolos-1 deepening have commenced. The drilling rig crew is on site and following completion of rig service and rig and site maintenance the Company owned Rig-2 will be moved from its current location at Malolos-1 to Nuevo Malolos- 1. This operation involves partial derrick dismantling then slowly skidding the rig approximately 20 metres to the Nuevo Malolos-1 wellhead and rig re-assembly. Nuevo Malolos-1 was drilled and cased to 1,941.5m in 2006 by the Company. Nuevo Malolos-1 Deepening will test the two known oil and gas bearing sandstones in the basal Miocene age, Malubog Formation deposited as channelized, turbidites. These same two sandstones are known to be oil bearing in the twin well Malolos-1, which was originally drilled, on a surface anticline, and cased in 1960. Both Malolos-1 and Nuevo Malolos-1 are located on the eastern limb of the MalolosOil Field. Malolos Oil Field was declared an oil discovery by the Department of Energy in 2014. Oil and gas have been intersected and/or tested from numerous Malubog Formation sandstone reservoirs in Malolos-1, Malolos-4 and Nuevo Malolos-1. The proposed total depth of the well Nuevo Malolos-1 is 2,250m TVD (Total Depth Curve). When the deepening drilling has successfully intersected the targeted oil bearing sandstones, core will be cut, modern open hole electric logs will be recorded and the sections will be completed with screensand place into test production. Following successful test results the Company can apply for a 25 year production term.