Vicpet, as operator for the PEL 104 Joint Venture, advised that the Tigershark-1 operation in South Australia's Cooper Basin was preparing to run open hole Drill Stem Test #1 over the interval 1712 meters to 1732 meters to test oil shows observed in the target Birkhead sandstone from 1716 meters to 1725 meters.
Tigershark-1 is the third well in the current exploration program of four exploration wells to be drilled on a continuing basis with Century Rig #3 and is planned to be drilled to a total depth of 2,070 meters. Tigershark-1 is 3 kilometers to the west of the Wirraway-1 oil discovery and 6 kilometers northwest of the Growler Oil Field.
Tigershark-1 is targeting the same Birkhead sands oil productive in the Growler Oil Field, currently producing a gross 969 barrels of oil per day. The Tigershark structure is interpreted to have the potential to contain a P10 unrisked recoverable oil resource of 4.7 million barrels in the target Birkhead sands, if oil is present.
The participants in Tigershark-1, Wirraway-1, the Growler Oil Field and the ongoing Jurassic oil exploration program in PEL 104 and their respective interests through their wholly owned subsidiaries are as follows:
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