perserverance 20 to 50bcf

Roc Oil (WA) Pty Limited advises that, as of 0600 hrs Australian Western Standard Time on 28 May 2007, an extensive wireline evaluation programme had been completed at the Perseverance-1 exploration well and the well has been plugged and abandoned as a gas discovery.
Preliminary interpretation of drilling, wireline and pressure data indicates that the well intersected gas saturated sand over a gross interval of 31 metres within which there are 28 metres of net gas reservoir. The gas accumulation is at the top of the objective Permian section, interpreted as being equivalent to the Dongara Sandstone and possibly the upper Irwin River Coal Measures. Reservoir quality appears to be poor to moderate.
The Perseverance discovery is located in WA-325-P in the offshore Perth Basin, approximately 33 km west of Geraldton. The structure has a maximum vertical relief of approximately 80 metres and is apparently gas-filled. Initial calculations for the accumulation suggest in-place gas in the range of 20 - 50 BCF.
The forward programme for the Premium "Wilcraft" rig is to start drilling the final well in the three well programme, Dunsborough-1 in WA-286-P, approximately 50 km southeast of Perseverance-1 and 25 km northwest of Frankland-1, later this week.