Origin Energy Increases Production at Jingemia Field
Origin Energy reports that the Jingemia-10 development well was placed on production on September 25, 2005 and has produced at rates of up 5,215 barrels of oil per day under natural flow. As at October 3, 2005, Jingemia-10 was producing 5,043 barrels of oil per day with no water.
To further increase oil production from the Jingemia Oil Field, artificial lift jet pump facilities are being installed on the Jingemai-4 well and it is expected that with the appropriate production facilities adjustment higher sustained oil production rates can be achieved from the Jingemia Oil Field in the near future.
Commenting on the current and future Jingemia Oil Field production, partner, Victoria Petroleum, Managing Director John Kopcheff said;
"With the resumption of oil production this week and further increases planned in the near future, Victoria Petroleum N.L. and its joint venture partners will be well positioned to benefit from the strong cash flow arising from current high oil prices in excess of US$60 per barrel."
"At current oil prices, Victoria Petroleum's share of 5,000 barrels of Jingemia Oil Field production provides an estimated net revenue to Victoria Petroleum of $500,000 per month."
"The onshore North Perth Basin remains arguably the most profitable area in Australia for onshore oil production and remains a core oil production area for Victoria Petroleum N.L. along with the Mirage and Ventura oil field production in the South Australia Cooper Basin."
Victoria Petroleum N.L. through its wholly owned subsidiary Victoria Petroleum Offshore Pty Ltd has a 5% working interest in the Jingemia Oil Field and the associated Petroleum License L14.
Participants in Production License L14 and Jingemia-5 are Origin Energy as operator with 49.189%; Victoria Petroleum Offshore Pty Ltd with 5.000%; ARC Energy Limited with 44.141%; Norwest Energy NL with .278%; Roc Oil Pty Ltd with 0.250% and J. K. Geary with 0.142%
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Company: Victoria Petroleum more info
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