Victoria Petroleum N.L. (Vicpet) as operator for the PEL 111 Joint Venture advised that the operation at Snatcher-1 was pulling out of the hole in preparation to running an open hole Drill Stem Test (DST) to test the fair to good oil shows observed over the interval 1,772 meters to 1,781.4 meters.
The significance of the oil shows observed will be evaluated by the current DST and wire line logs to be run after the well has reached total depth. Snatcher-1 is testing the oil bearing potential of 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 participants in the drilling of Snatcher-1, PEL 111, PEL 104 and PRL 15 and their respective interests through their wholly owned subsidiaries are as follows:
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