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HIGH IMPACT SUCCESS AT BLUE RIDGE
The Directors of Maverick Drilling & Exploration Limited (ASX: MAD) are pleased to provide details on a new production discovery in the Blue Ridge Dome Field following the completion of the West Schenck B #116.
RED BLUFF OIL PRODUCTION ON SOUTHERN SIDE OF BLUE RIDGE
The West Schenck B #116, a well drilled to capture Maverick’s traditional Blue Ridge Frio sands was drilled to a depth of 5,153 feet. Paleontology reports indicate the well encountered the Vicksburg formation with oil shows at approximately 5,000 feet, and beneath the Vicksburg from 5,050 feet to 5,153 feet identified an oil bearing sand, the Red Bluff Member of the Jackson formation of Eocene Age. Sidewall cores have confirmed the presence of hydrocarbons in the Red Bluff with significant oil saturations in excess of 20%. The total thickness of the Red Bluff sand will not be known until further offset drilling occurs.
The 3D seismic target was identified by Maverick’s geology division with an amplitude anomaly which has now been correlated to the oil bearing formation. An additional 10 oil productive pay zones were also encountered uphole from depths of 4,100 feet down to 4,900 feet.
Production pipe has been run and cemented into place, with the well perforated from 5,100 to 5,120 feet and tested in this section. Preliminary swab tests indicate potential production rates in excess of 100 BOPD. The well is undergoing further tests at the present time.
No oil production has ever been reported in the 100+ year history of the Blue Ridge Dome Field from the Jackson formation. The West Schenck B #116 is to be credited with the discovery of oil production in this formation. Testing will now be conducted to determine the sustainability of production flow from the reservoir.
The directors are encouraged by the success of the West Schenck B #116 because it is the first Blue Ridge Dome well to encounter a 3D seismic anomaly at its target depth.
CORRELATION TO ZIVLEY 100 (PETUNIA PROSPECT)
The formation which caused the previously announced blowout in the Zivley #100 was also in the Eocene Jackson formation. The Jackson formation was encountered at 4,714 feet in the Zivley #100 and confirmed by independent paleontology studies. The intense gas pressure in the Zivley #100 may be indicative of being approximately 400 feet up dip structurally from the West Schenck B #116 and over a half mile away (2,950 feet) to the northeast. The significance of the hydrocarbon occurrences in the Jackson in these two wells cannot be overstated.
Having two confirmed hydrocarbon events in this Eocene formation is an encouraging development and will require further testing and evaluation. Meanwhile, the Zivley #100R (replacement well for the Zivley #100) drilling is underway targeting the Frio, Vicksburg, Jackson, and Yegua formations.
10 April 2013