Pacific Tiger Makes Discovery in Thailand
Pacific Tiger Energy has made a discovery with the first well of a three-well drilling program on the Wichian Buri field, onshore Thailand. The well, designated WB N5, is located approximately 300 meters northeast of the Company's oil producing WB N2 well. Indications of an oil-bearing reservoir have been observed in both the 'F' Sandstone and also a deeper sandstone interval.
Drilling commenced on the WB N5 well on Saturday, October 5, 2002, and reached a total depth of 1284 m AHRT (1089 m TVD) on Sunday, October 6, 2002. The 'F' Sandstone reservoir was intersected at a depth of 1157 m AHRT (918 m TVSS). Preliminary log interpretation indicates a permeable oil bearing sandstone above an oil-water contact at around 930 m TVSS, consistent with continuity of the oil pool over the area extending from the N2 and N3 producing wells in the WB North Area to the WB 1 and A1 wells in the south culmination of the field.
In addition, the Company reports that oil shows were encountered in another deeper sandstone interval. Wireline logging has also indicated oil saturation in the interval from 1235.2-1240.5 AHRT (974.6-978.3 m TVSS).
"The petrophysical data from N5 indicates a porous and permeable oil bearing reservoir in both the 'F' Sandstone and also the deeper interval. The implications of the later accumulation are now being investigated", said Michael Cvetanovic, President and CEO of Pacific Tiger Energy Inc.
After running 7 inch casing in preparation of production testing, the Company reports that the rig was moved to the WB N6 cellar and drilling commenced on October 8, 2002. The Company expects that the N6 well will reach total depth by October 9, 2002.
WB-N5 production test is expected to commence in late October and permanent production from the N5 and other Phase II wells is programmed for late November upon arrival of the surface production equipment.
Previously, the Company announced it had conducted a hydraulic frac in September on the WB N2 and N3 wells. The Company reports the wells were successfully fraced, re-completed and are now back on production.
"We have been pumping the wells cautiously while the reservoir performance is still cleaning up", Michael Cvetanovic said, "However, we are encouraged by the fact we are producing oil at rates higher than those prior to the frac. Quantitative results will be reported once production has stabilized over the next few weeks".
On September 30, 2002, the Thai Government approved the Company's application for the SW 1A Production License II. The award of PL II will allow the Company to re-perforate and commence production from the WB N1 well. The production startup for N1 is expected in November 2002 pending joint venture partner approval.
In a September 18, 2002 press release the Company indicated plans to drill the Huai Phai ('HP') Prospect situated in the southwestern part of PL II. The Company is now considering plans to drill the HP 1 well towards the end of the year.