Vicpet, Partners Scratch Surface at Tomcat

Victoria Petroleum N.L. as operator for the PEL115 Joint Venture, said that under the terms of the PPL 93 Wilpinnie North Block Farmout Agreement with the PPL 93 Joint Venture, drilling of the Wilpinnie-4 well to test the Tomcat Prospect commenced at 5:30 p.m. Central Standard Time (C.S.T) on Tuesday. At 6 a.m. C.S.T. Wednesday, the operation was drilling ahead in 10 5/8 inch hole at 264 meters.

Santos Limited, the operator for the PPL 93 Joint Venture, is drilling Wilpinnie-4 to a total depth of 1,586 meters.

The Tomcat Prospect as mapped by Victoria Petroleum N.L. covers an area of 1.8 square kilometers with 63% of the prospect present within the northern portion of PEL 115 and 37% present within the adjoining PPL 93. The Tomcat Prospect is interpreted from seismic data to have the potential to contain recoverable oil in the range of 3.5 million barrels (mean) to 5.6 million barrels (P10), if oil is present.

Wilpinnie-4 is being drilled 200 meters northwest and up dip of the Wilpinnie-3 well which on an open hole drill stem test of the mid Namur sand interval from 1,480 -1,494 meters measured depth flowed 45 degree API oil to surface on a one half inch choke at an initial rate of 785 barrels of oil per day decreasing to 41 barrels of oil per day and 20 barrels of water per day. Wilpinnie -3 lies in the northern portion of PPL 93 and was drilled in 1993.

Victoria Petroleum interprets that Wilpinnie-3 was drilled close to the oil-water contact of the interpreted Tomcat Prospect closure. Wilpinnie-4, which has been sited to be up dip to Wilpinnie 3, could test a greater oil column than encountered in Wilpinnie-3, if the seismic interpretation of the Tomcat Prospect is valid.

The Tomcat Prospect is interpreted as a tilted fault block with a stratigraphic component with the crestal culmination at the mid Namur horizon within PEL 115 and up dip and 1.1 kilometers north of Wipinnie-3.

Commenting on the commencement of drilling of Wilpinnie-4 to test the Tomcat Prospect, John Kopcheff, managing director of Victoria Petroleum NL said:

"Victoria Petroleum is pleased to be drilling the Wilpinnie-4 well with the Santos led PPL 93 Joint Venture in the area situated between the major Dullingari Oil Field to the east and the Della Oil and Gas field to the west."

"Victoria Petroleum considers Wilpinnie-4 to have a good chance of success of encountering oil in the target Jurassic formation. Drilling results from Wilpinnie-4 and the testing of that well will determine to a large extent how much of the Tomcat Oil Pool may extend into PEL 115."

"The Tomcat Prospect is the first of nine Cooper Basin wells drilling in the next three months in which Vicpet has an interest"

The PEL 115 Joint Venture is comprised of Victoria Petroleum NL, Impress Energy Limited and Roma Petroleum NL. Participants in the PPL 93 Joint Venture are Santos Limited (operator), Delhi Petroleum Limited and Origin Energy Resources Limited.

Under the terms of the farmout agreement the PEL 115 Joint Venture is paying 100% of the cost of the drilling of the Wilpinnie-4 well in the Wilpinnie North Block of PPL 93. In the event Wilpinnie-4 is declared a commercial oil producer, then the PEL 115 JV will earn a 50% interest in the PPL 93 Wilpinnie North Block from the PPL 93 Joint Venture.

The PPL 93 Joint Venture has an option following the drilling of Wilpinnie-4 on the Tomcat Prospect to farmin and earn a 50% interest in that portion of the Tomcat Prospect mapped as present in PEL 115.

Following the drilling of Wilpinnie-4 and subject to the proving of commercial oil production from the Wilpinnie-4 well, the after farmout interests in Wilpinie-4 and the Wilpinnie North Block of PPL-93 will be through the various wholly owned subsidiaries:

  • Victoria Petroleum NL 20%
  • Impress Energy NL 20%
  • Roma Petroleum NL 10%
  • Santos Limited 33.3% (operator)
  • Origin Energy Resources Limited 6.595%
  • Delhi Petroleum Pty Ltd 10.105%

In the event that commercial oil production is not obtained from Wilpinnie-4, the PEL 115 Joint Venture will have earned no interest in the Wilpinnie-4 well and the Wilpinnie North Block in PPL 93.

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