Beach Spuds Tunkalilla-1 in Cooper Basin

Victoria Petroleum N.L. said that Beach Petroleum Limited, the Operator for PEL 94 in Australia's Cooper Basin, spudded the Tunkalilla-1 exploration well at 7 p.m. Central Daylight Time (CDT) on Tuesday. At 6 a.m. CDT Wednesday, the current operation was drilling ahead at 226m.

Tunkalilla-1 is located in PEL 94 in the southwest portion of the Cooper Basin. It is the third exploration well in Victoria Petroleum's planned 14 well 2007 Cooper Basin exploration drilling program.

Tunkalilla-1 is programmed to be drilled to a Total Depth (TD) of 1405 meters and is planned to take approximately 7 days to drill from the start of drilling.

The Tunkalilla Prospect is a four-way dip-closed structure on the Milpera Horst. The prospect is located downdip of Maslins-1, which recovered oil from the Murta Formation. The nearest oil production is from the Dunoon Horst oil fields (~25 km to the north-east of Tunkalilla) comprising, Harpoono and Revenue. These discovery wells are all oil productive from the Murta Member. Harpoono-2 and Revenue-1 also intersected oil in the McKinlay / Namur Formation. Recently, Might & Power-1 was drilled and intersected a live oil column in the Murta.

Potential reserves for the Tunkalilla Prospect are 1.8 million barrels of recoverable oil, if oil is present.

These oil flows along with the shows in other nearby wells demonstrate the potential that could exist for oil to occur in several reservoirs at the Tunkalilla -1 location.

Commenting on the start of drilling at Tunkalilla -1, John Kopcheff, Managing Director for Victoria Petroleum N.L. said:

"Vicpet is pleased to be continuing with its 14 well 2007 exploration program in the Cooper - Eromanga Basin with the Tunkalilla-1 exploration well. An oil discovery at Tunkalilla-1 would further confirm our belief in the known oil producing potential of the northern part of the Cooper Basin, where Victoria Petroleum is the largest acreage holder."

Participants in the drilling of Tunkalilla -1 and their respective interests are:

  • Beach Petroleum Ltd (Operator) 50%
  • Magellan Petroleum 35%
  • Victoria Petroleum 15%

Victoria Petroleum N.L. has a 15% interest in the Tunkalilla -1 well and PEL 94 through its wholly owned subsidiary, Victoria Oil Exploration (1977) Pty Ltd.