Victoria Petroleum N.L., as Operator for the PEL 104/PRL 15 Joint Venture, has advised that at 0600 hours CST, Growler-3 was drilling ahead at 1727 meters in the Birkhead Formation reservoir, the top of which was encountered at approximately 1720 meters.
Good oil shows of fluorescence and elevated gas readings have been encountered in the target reservoir. The significance of the shows and the quality of the reservoir will be evaluated by the wire line logging program which will be undertaken over the next 24 hours once the well has reached its programmed total depth.
Growler-3 is being drilled as an appraisal well on the Growler Oil field to test the 16 meter oil column discovered in the Jurassic Birkhead Formation in Growler-1. Growler-3 is 600 meters northwest of Growler-1 and interpreted to be a flank test of the Growler Oil Field as currently mapped. Growler-3 is being drilled on 80 acre spacing to the west of Growler-1 and Growler-2 and is planned to be drilled to a depth of 1800 meters. Growler-3 is the second Growler well in the current program after the successful Growler-4 development well.
At the P50 level, the Growler structure is mapped at the P50 level as a four way dip closed feature covering approximately 900 acres located on the western margin of the Cooper Basin. The P50 oil-in-place for the Growler structure alone is estimated to be 5.7 million barrels and most likely recoverable oil is estimated to be 1.4 million barrels.
The participants in Growler-3 and PEL 104 and their respective interests through their wholly owned subsidiaries are as follows:
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