Victoria Petroleum N.L. (Vicpet) announces the completion of the acquisition of a 20% working interest in the El Fatso gas and condensate exploration project, located in the onshore Gulf Coast, Wharton County, Texas.
The El Fatso Prospect is located in Wharton County, approximately 120 kilometers southwest of Houston. The lease area lies directly to the south of the Phase Four, Shanghai and El Campo gas fields which have produced more than 120 billion cubic feet of gas and 9 million barrels of condensate from good quality Eocene aged Yegua sands located in a fault block up dip and 2 kilometers to the north of the El Fatso Prospect.
The lease holder and operator of the project is a private U.S. company, Texas Standard Oil Operating Company. The El Fatso Prospect was defined from good to excellent quality 3D seismic shot in 1995 which has recently been reprocessed and re-mapped. The exploration targets in the El Fatso Prospect display excellent seismic amplitude and Amplitude Variation with Offset responses.
The El Fatso Prospect will be drilled by the Schoenfield #1 well, which will target three stacked seismic amplitude and AVO defined prospects in a lower Yegua sand fairway between 11,000 feet and 13,000 feet Measured Depth. The targets, if hydrocarbon bearing, are expected to contain gas and condensate in encased sand bodies laid down as deltaic fans or turbiditic channels.
The drilling of the well is expected to commence in late December, and it is anticipated to take 30 days to reach the proposed total depth of 13,700 feet MD.
"The presence of seismic attributes which are positive indicators for the presence of gas in the target horizons is particularly encouraging given the close proximity of the producing El Campo gas field, although the target horizons are yet to be proved by the drill," said Victoria Petroleum N.L. Managing Director John Kopcheff. "Vicpet is looking with the drilling of El Fatso to build on its recent exploration success in the Margarita Gas project onshore Gulf Coast Texas."
The participants in the drilling of El Fatso are Victoria Petroleum NL with 20% working interest BCP and 15% working interest ACP, Aurora Resources Limited 50% working interest BCP and 37.5% working interest ACP, and Private USA Interests 30% working interest BCP and 47.5% working interest ACP.
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