Victoria-2 Well Offshore Australia Comes Up Dry

The Victoria-2 well located in TL/6 offshore Varanus Island, which was spudded on September 15, 2002 came up dry. The well reached a total depth of 2,429 meters measured depth (1,762 meters true vertical depth subsea) on Friday 20th September. There were no indications of hydrocarbons at the target horizon and the well was consequently plugged and abandoned.

The objective of the Victoria-2 well was to appraise the lateral extent and thickness of the Double Island sandstone and extent of the oil column down dip of the Victoria-1 oil discovery well. Victoria-2 intersected the reservoir approximately 29 meters downdip of Victoria-1, being 8 meters lower than expected. The results of the well do not support the interpretation of a significant downndip stratigraphic extent to the Victoria Field.

While Victoria-2 did not discover additional reserves downdip, the Victoria oil field is currently being developed as part of the Little Sandy/Pedirka/Victoria oil fields development. Current operations for the rig comprises running completions on the Little Sandy-1, Pedirka-1 and Victoria-1 wells as part of development operations. The topsides are now ready for mobilization to the site and first oil is expected in December 2002.

Once completion operations are finished the rig will be mobilized to drill the Endymion-1 gas exploration well from the Sinbad Platform.

Harriet Joint Venture Partners are Apache Energy as operator with a 68.% interest; Kufpec Australia Pty Ltd with at 19.2771% interest and Tap Oil with the remaining 12.2229% interest.