Vicpet 'Encouraged' by Early Oil Shows at Wirraway-1

Victoria Petroleum N.L. as Operator for the PEL 104 Joint Venture drilling Wirraway-1 in PEL 104 on the western margin of the South Australian Cooper Basin, said that at 6 a.m. Central Standard Time Tuesday, the operation was conditioning the hole at a depth of 1,732.8 meters prior to pulling out of the hole to run open hole Drill Stem Test No. 1 to test good oil shows observed in the target sands of the Birkhead Formation from 1,725 – 1,732.8 meters.

Wirraway-1 is the first well drilled by the PEL 104 Joint Venture in 2007 in this under-explored Jurassic area of the permit which covers the western up dip flank of the oil and gas productive Patchawarra Trough of the Cooper Basin.

Wirraway-1 is located 5 kilometers west of the PEL 104 Growler-1 oil discovery, which recovered oil from the Jurassic Basal Birkhead sands on drill stem test. Wirraway-1 is planned to be drilled to a total depth of 1,991 meters.

The Wirraway Prospect is located in an analogous geological position with respect to the Permian source kitchen which provided the oil for the August 2006 Callawonga Jurassic oil discovery of 2,400 barrels of oil per day some 40 kilometers to the south operated by Beach Petroleum. The Wirraway-1 well is targeting the seismically defined four way dip closed Wirraway structure interpreted to have the potential to contain a combined recoverable oil target of up to 13 million barrels of oil in multiple reservoirs, if oil is present.

The principal objective of the well is the Intra Birkhead sand (oil productive at Growler-1, 5 kms to the south east). Secondary objectives are the Hutton and Poolawanna Sandstones underlying the Birkhead Formation.

Commenting on the drilling at Wirraway-1, Victoria Petroleum NL's (Vicpet) Managing Director John Kopcheff said:

"Victoria Petroleum is encouraged by the oil shows seen on our initial penetration of the target Birkhead sands. The full significance of the oil shows we are seeing will be subject to the results of the open hole drill stem to be carried out in the next 24 hours and wire line log evaluation at the end of the well.

"Exploration success at Wirraway-1 would further confirm our belief that a new oil production province in the western part of PEL 104 and our adjoining PEL111 permit could be present.

"Also in PEL 104 we have three prospects in the vicinity of the Wirraway Prospect, such as the Beaver and Warhawk prospects and a further nine similar prospects including Ascender and Liberator in the immediately adjacent permit to the north, PEL 111.

"Wirraway-1 is also an important well for Vicpet as it is the first well in the 2007 eleven well exploration drilling program to take place over the next six months in Vicpet's South Australian and Queensland Cooper Basin Permits.

"Given the current industry exploration success rate of 45% in the Cooper Basin, Vicpet would expect to enjoy some degree of exploration success in Wirraway-1 as part of this eleven well drilling program."

The participants in the drilling of Wirraway-1 and PEL 104 and their respective interests through their wholly owned subsidiaries are as follows;

  • Victoria Petroleum N.L. (Operator) 40%
  • Impress Energy Limited 40%
  • Roma Petroleum N.L. 20%

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