March 30, 2005
UPDATE KENNILWORTH RAIL ROAD #1
Carpenter Pacific Resources Ltd. (ASX:CPC) (the “Company”) previously announced on
March 19, 2005 that it has reached the targeted total depth of 4,600 ft at its Kennilworth
Rail Road #1 well (“KKR #1”) at the Company’s 72.5% owned Helper Project in central
Utah (the “Project”).
Over the past week, the drilling rig experienced mechanical problems which delayed
running PRODUCTION casing. This operation is currently under way and will be followed by
the drilling of the Kenilworth KKR #2, one half mile north of the KKR #1. Following
the drilling of the KKR #2, completion and testing operations will commence on both
wells.
The KKR # 1 is a vertical well targeting the Ferron Sands and Coals and the first of a
multi-well drilling program on the Project acreage. The Project is located in the Uinta
basin in central Utah adjacent to the Drunkards Wash complex, the largest gas field in the
state of Utah.
UPDATE HUNTINGTON-2H
In East Texas, completion operations are continuing at the Huntington-2H in the
Company’s 30% owned Jefferson-McLeod Project. Delays in testing and tying the well
into production facilities have been experienced due to the current shortage of oil field
services and the time taken to clean out the horizontal section of the well. Carpenter
expects to complete testing and TIE THE WELL INTO PRODUCTION facilities shortly. Carpenter
then plans to drill the second horizontal well in its East Texas program on its Harris lease.
This well will target the Lower Pettit reservoir and will be followed by a third horizontal
well targeting the Rodessa reservoir.
2005.
CAPS ARE MY DOING
CPC
carpenter pacific resources limited
