Indo-Pacific Commences Anson North-1 Well This Month

The Anson North-1 well in permit AC/P 26, offshore West Australia, is expected to commence on February 15. The well is planned to take two weeks to drill to a depth of approximately 6,000 feet. The main target Challis Sandstones are situated below 5400 feet. The well will test a fault bounded high structure similar to those of the Jabiru and Challis oil fields, some 25 miles to the north; which together have already produced more than 100 million barrels of oil. The Anson North prospect is situated on the Anson-Talbot High, some 2 miles northeast of the Anson-1 well, in which there were oil shows, and 4 miles southwest of the undeveloped Talbot oil field, where the two wells have each flow tested at rates up to 5,000 barrels of oil per day.

Anson North-1 will be drilled by Diamond Offshore's semi submersible Ocean General. Anadarko will be paying the full cost of this well, and have an option for 90 days after the well to acquire a 75% equity in AC/P 26. Should Anadarko exercise this option, Indo-Pacific's interest in AC/P 26 will reduce from its present 50% to 12.5%.