⌛ drilling for what ?

REally? What's going on? Are they perhaps trying to see how deep they can go? Do they have permit to do that?

 

If my calculations are right and if they dig deep enough they will come out of Venezuela. You know Venezuela has lots of oil. So I guess that's the plan.

 

It was a "dry hole" and Japex have given up the lease. As background info, oil has been found in both Camigin and Cebu islands (both coral, sedimentary formations, though not in commercial, economic quantities). Additionally, the wellbore perforations wax up/close up, within 12-24hrs, as there is too much paraffin in the oil.
There isn't oil in Negros as it's not a sedimentary structure, being mainly igneous and metamorphic, where temperature/pressure and volcanic action pushed up the island out of the sea. (One of the reasons why we don't have white sand beaches and Cebu/Siquijor & Bohol do, they were laid down a long time ago, by corals and other flora/fauna, which convert more easily into oil/coal/gas etc).