The company said on Wednesday it had submitted the application with the Philippine Department of Energy for the Malolos-1 oil well, located in its wholly-owned service contract 44 on the island of Cebu.
Gas2Grid had successfully intersected and flow tested two oil-bearing sandstones in the probe at depths starting from 2219 metres and 2178 metres downhole.
The oil produced on a short-term test indicated rates of between 100 to 200 barrels of oil per day.
