Vicpet: Drilling Begins on Marracoonda-2

Victoria Petroleum N.L said that Bow Energy Limited, the Operator for ATP 752P, spudded the Marracoonda-2 oil exploration well located in the Wompi Block of ATP 752P in the Cooper-Eromanga Basin, Queensland at 10 p.m. Central Standard Time (C.S.T) on Jan. 11, 2006.

As of 6 a.m. Monday, the well was drilling ahead in surface hole at 72 meters.

It is expected to take approximately 16 days to complete the drilling operations of the 1900-meter deep well utilizing Hunt Energy & Mineral Company Rig 2. Penetration of the Hutton Sandstone primary target is anticipated about 9 days from spud.

Marracoonda-2 is the first of three back-to-back oil exploration wells of a five-well farmin program in the Wompi Block of the Cooper-Eromanga Basin permit ATP 752P. The first three wells will be drilled on the Marracoonda, Nora and Gamma prospects in the Wompi Block on trend with the high productivity Watson – Watson South oil fields.

These three prospects have the potential to contain up to 13 million barrels of recoverable oil, if oil is present.

Victoria is fully carried on the Cooper-Eromanga oil exploration drilling program with Avery Resources (Australia) funding 100% of each Wompi block well's cost to casing point or plug and abandonment. Victoria will retain a 25% direct working interest in the Wompi Block after the farmin program by Avery Resources (Australia) is completed.

The Interests in Marracoonda-2 and ATP 752P (following the completion of the Avery Resources (Australia) Farm-in) are:

  • Victoria Petroleum N.L. 25%
  • Bow Energy 25% (Operator)
  • Avery Resources Inc. 50%