re: Ann: VPE: Drilling Report for Stormbird-1...
DRILLING REPORT FOR STORMBIRD-1, PEL 104, SOUTH AUSTRALIAN COOPER BASIN
Victoria Petroleum N.L. as operator for the PEL 104 Joint Venture advises that over the weekend, Stormbird-1 reached total depth of 2,176 metres in Basement. Side wall cores showed oil fluorescence at 1,812 metres and at 2,175 metres. The formation sample tester (MDT) recovered 1.5 litres of 43 degree API oil from Basement quartzite at 2,175 metres and formation water from 1,812 metres. Although the oil recovery from Basement is the first for PEL 104, the narrow interval and relatively low permeability indicate this Basement oil zone would be non commercial. The primary target, the Birkhead sands, were water bearing at this location.
At 0600 hours CST today, the operation was preparing to plug and abandon Stormbird-1. Stormbird-1 was the last well in the 2008 exploration program of four exploration wells drilled on a continuing basis by Century Rig #3. The MB Century Drilling Rig #3 will now move 8.1 kilometres to the west to the Growler Oil Field to drill the development well Growler-5, targeting the eastern extension of the Birkhead sands oil productive in the Growler Oil Field and currently producing approximately gross 930 barrels of oil per day. The next drilling report to the ASX will be for the start of drilling at Growler-5 and there after will be made on a weekly basis, with additional releases in the event of significant activity.
The participants in Stormbird-1, the Growler Oil Field (PRL 15), Growler-5 and the Jurassic oil exploration program in PEL 104 and their respective interests through their wholly owned subsidiaries are as follows;
Victoria Petroleum N.L. (Operator) 40% Impress Energy Limited 40% Roma Petroleum N.L. 20%
ITC Price at posting:
3.4¢ Sentiment: None Disclosure: Held
