Testing Program commenced at the East Wing-1 ST Well
Essential Petroleum Resources Limited (ASX: EPR) advises that testing of the East Wing-1 ST exploration well has commenced. This well is located in the onshore permit PEP 168 in south western Victoria (refer to Figure 1).
Provided there are no unexpected delays in the testing program, Essential Petroleum expects to have preliminary test results by the end of this week which will be released to the ASX.
A complete analysis of the results will be undertaken, and following completion, these results will also be released to the ASX.
Background to the East Wing-1 ST Well
The East Wing-1 well was spudded on 26 April 2008 and the East Wing -1 ST well reached a total depth of 2,305 metres (mKB) at about 6:00am on 30 May 2008.
A wireline logging survey was conducted with preliminary analysis identifying two gas saturated intervals in the Flaxman and Waarre formations with a combined net reservoir thickness of 9.1 metres.
Below this interval, an 18 metre transition zone of lower gas saturation was identified within the Waarre Formation. Essential Petroleum believes that this zone of elevated log response possibly represents moveable hydrocarbon, including oil, above a water contact at 2,243.5 metres.
The estimated recoverable gas reserves for this well will be determined based on a detailed analysis of the test results.
Essential Petroleum is targeting the onshore extension of the highly productive Pecten High trend, which has offshore discoveries containing more than 400 bcf of gas recovered in the Waarre Formation in the Casino, Henry and Halladale gas fields. Refer to Figure 1.
Essential Petroleum owns 100% of the PEP 168 permit.
EPR Price at posting:
5.7¢ Sentiment: Buy Disclosure: Held
