Australian JV Gears Up to Drill Snatcher Prospect in Second Quarter '09

Victoria Petroleum N.L. (Vicpet) as operator for the PEL 111 Joint Venture advised that the PEL 111 Joint Venture has elected to accelerate the 2009 drilling program in PEL 111, by drilling an exploration well on the Snatcher Prospect adjacent to the Santos Limited operated Charo Field in PPL 177. The PPL 177 license is wholly contained within PEL 111.

The Snatcher Prospect is situated on the Western Margin Oil Trend, with Snatcher-1 a test of whether oil can be stratigraphically trapped within seismically interpreted discrete sand bodies in channel systems present within the Jurassic Birkhead Formation. Sands of the Birkhead Formation are the producing horizon for the Growler Oil Field, 10 kilometers to the southwest.

Snatcher-1 is located in the mid portion of PEL 111. The Snatcher Prospect is within one kilometer of the Santos Charo Oil Field, 6 kilometers north of the Tigercat-1 and Warhawk-1 oil discoveries, and 10 kilometers north-east of the Growler Oil Production Facility, currently producing 900 barrels of oil per day.

It is intended that the Snatcher-1 well will be drilled in either late May or early June 2009 to partly satisfy the PEL 111 Year Five work commitment of three exploration wells.

Further information regarding the Snatcher-1 well will be made available closer to the start of drilling.

Commenting on the Snatcher Prospect and planned drilling of Snatcher-1, Vicpet managing director John Kopcheff said, "Vicpet is confident that the Western Margin Oil Trend within PEL 111 and the adjoining permit PEL 104 will prove up with continuing drilling to be a major new oil province. The drilling of Snatcher-1 will provide a test of an exploration concept supporting this premise."

The participants in the drilling of Snatcher-1, PEL 111 and PEL 104 and their respective interests through their wholly owned subsidiaries are as follows:

  • Victoria Petroleum N.L. (Operator) 40%
  • Impress Energy Limited 40%
  • Permian Oil Pty Ltd. 20%

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