The explorer said on Friday that the Philippine Department of Energy formally accepted Malolos-1 as an oil discovery and granted an extension to Service Contract 44 covering the field.
The extension is for a period of 12 months, starting from 28 January.
In 2013, Gas2Grid intersected and flow tested two oil-bearing sandstones in the Malolos-1 well at depths starting from 2178 metres downhole.
