The following is an extract from a July 08 article and does not record the new target of STU of 100 million barrels of oil:
"VIC/P53 consists of approximately 182,858 gross acres. VIC/P53 is also called the "Hole of the Doughnut" as it is surrounded by nine (9)giant producing oil & gas fields, leaving VIC/P53 in the middle. One of the nine (9) giant fields is called the Halibut Oil Field.
The Halibut Oil Field adjoins VIC-P53 to the east.
Esso Australia, a subsidiary of Exxon, operates the Halibut Oil Field located in the Bass Straits. The Halibut Oil Field was discovered in 1967 and has produced approximately 840,000,000 barrels of oil or approximately $105,000,000,000,000 (calculated by using current market prices of $125.00 per barrel) from 14 wells and is still producing.
One of the 1st original oil wells is the Halibut 15A well, which was drilled in 1967 and intersected an approximately 492 foot oil section.
The Halibut 15A well has produced approximately 84,000,000 barrels of oil or approximately $10,500,000,000.00 (calculated by using current crude oil prices of $125.00 per barrel) from one well!
The Halibut 15A well still has a projected production life of up to approximately the year 2077!
Last year, Esso Australia drilled three wells that offset the Halibut 15A well, the 1st well came in with an IP 3,800 BOPD, the 2nd well came in with an IP 12,500 BOPD & the 3rd well came in with an IP 9,000 BOPD. All three wells came in with 0% water cut.
These are incredible results in attempts to increase the life of a 41 year old oil field.
About VIC-P53 & the Bazzard-1 well
The JV partner of VIC-P53 will drill an exploration well called Bazzard-1, to test a four-way dip closure that the JV partner believes could hold approximately 30-50 million barrels of oil. The Bazzard-1 well will be drilled by the West Triton Rig.
The Bazzard 3D, recorded from early March 2005, has provided th newest dataset that the JV partner used to identify and rank prospects for drilling by 2008.
The 3D was aimed at providing finer delineation of a number of pre-existing leads, including Cod West, Updip Veilfin, Catfish, Bazzard, Spineback and Hake, with a secondary objective of identifying any additional Latrobe Group targets that may exist.
VIC/P53 is considered prospective for oil and gas at the top Latrobe and also at deeper intra Latrobe levels.
The location, adjacent to this infrastructure, and proximity to pipelines, processing facilities and major markets, offers potential advantage through infrastructure savings and gives encouragement to participation in VIC/P53. The hydrocarbons recorded at Veilfin-1 established the existence of a working petroleum system in the permit area."
MOG Price at posting:
6.5¢ Sentiment: Buy Disclosure: Held
