Vicpet, as operator for the PEL 104 Joint Venture, advised that the operation at Tigershark-1 in South Australia's Cooper Basin was preparing to run back into the hole to drill ahead in the target zone at 1,732 meters after successfully carrying out open hole Drill Stem Test #1 over the interval 1,712 meters to 1,732 meters to test oil shows observed in the target Birkhead sandstone from 1,716 meters to 1,725 meters.
Drill Stem Test #1 recovered approximately 2 barrels of oil and 33 barrels of drilling mud over a 170
Tigershark-1 is the third well in the current exploration program of four exploration wells to be drilled on a
Tigershark-1 is targeting the same Birkhead sands oil productive in the Growler Oil Field, currently producing a gross 1,029 barrels of oil per day. The Tigershark structure is interpreted to have the potential to contain a P10 unrisked recoverable oil resource of up to 4.7 million barrels in the target Birkhead sands, if oil is present.
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