Two wells are planned for September and October of 2005 on the onshore PEL 111 (292,819 acres) permit by the operator, Victoria Petroleum NL. Structures on the permit are anticipated to contain both oil and gas reservoirs.
The Mirage 2 and Mirage 3 wells, located on the onshore PEL 115, are planned to drill in July and August 2005. The Operator for this permit is Victoria Petroleum NL and contains 273,297 acres in six separate blocks. The Operator previously announced two oil and one gas discovery on this permit. Development and production plans are currently being implemented for these discoveries. The permit contains more than 30 leads with oil and gas potential.
Plans are being made to drill a third well on the offshore VIC-P54 permit. The Longtom No. 2 well was announced as a new discovery in the Admiral Formation. One lower zone in this formation tested at the rate of 19 million cu. Ft. gas per day. A new report indicates that the upper Admiral zone is expected to produce gas at a rate greater than the lower zone. Projections may be made that this well is capable of producing gas in excess of 40 million cu. Ft. gas per day if both zones are produced together. A second well, the Grayling, is drilled on a separate structure and encountered significant gas columns in the Intra-Latrobe formation and in the Golden Beach Formation. The Golden Beach formation is a new discovery and target for the permit. Combined gas columns for this well total 256 feet. Production rates have not been announced for this well.
The permit contains 155,676 acres and is now operated by Nexus Energy LTD.
Recent information indicates that development drilling and production are being put on an accelerated basis.
Offshore, the VIC-P45 (214,896 acres) permit is planned to be drilled in May 2005 by Exoil Ltd., the operator. The well is planned to drill in the vicinity of two previous gas discoveries on the permit.
Onshore, the company now holds Royalty Interests in 4,281,123 acres in the Cooper-Eromanga Basin in Australia. Offshore, the company holds Royalty Interests in 370,572 acres in the Gippsland Basin, offshore the state of Victoria, Australia.
Total onshore and offshore Royalty holdings now total 4,651,695 acres.
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