HI Guys,
Would you agree that a gross oil column of 247 metres is a potential company maker for Pancontinental.
AUSTRALIAN WORLDWIDE EXPLORATION LIMITED 2002-06-26 ASX-SIGNAL-G
HOMEX - Sydney
+++++++++++++++++++++++++
OIL SHOWS AT AWE'S HUINGA-1B
Australian Worldwide Exploration Limited, on behalf of its
wholly-owned subsidiary, AWE New Zealand Pty Limited, ("AWE'),
advises that, as at 0600 hours, 26 June, Huinga-1B was at a total
depth of 4,500 metres and was conditioning the hole prior to resuming
logging operations.
During the week, the hole drilled through the overthrust block into
Kapuni Group sediments, which were one of the objectives. Several
sandstone beds, which are interpreted to be fractured, were
intersected within a gross 120 metre section of sediments. Good oil
shows were recorded to total depth, indicating a gross column of at
least 247 metres of good shows below 4,263 metres.
During logging operations, the tools were unable to pass below 4371
metres. The hole is currently being cleaned out so that logging can
continue. During the logging and hole cleaning operations a
significant amount of waxy crude oil was recovered at the surface,
indicating influx of oil into the hole.
The forward plan is to complete logging operations and based on this
data, decide on any further evaluation including possible testing.
The Huinga prospect is located on the prospective eastern margin
trend in the Taranaki Basin, New Zealand, north of the recently
drilled Makino-1. The prospectivity of this trend has been
established by the Rimu and Kauri discoveries, and further enhanced
by the results of the Makino-1. Huinga-1B is being directionally
drilled from the existing Huinga 1/1A well bore, to target the Tariki
sandstones and Kapuni Group sandstones at a location approximately
550 metres west of the Huinga wellsite.
AWE holds a 12.5% interest in PEP 38716 and has been carried through
a major portion of the cost of drilling Huinga-1B. After the well has
been drilled, participants in PEP 38716 will be:
AWE New Zealand Pty Limited 12.50%
Marabella Enterprises Limited (Bligh), operator 25.00%
Preussag Energic GmbH 24.00%
Swift Energy NZ Limited 15.00%
Indo Pacific Energy (NZ) Limited 7.30%
Euro Pacific Energy Pty Ltd 6.60%
PEP 38716 Limited 5.00%
Springfield Oil and Gas Limited 4.60%
For further information please contact Mr Bruce Phillips (Phone:
(02)9460 0165 Or Fax: (02) 9460 0176)
Email: [email protected]
Website: www.awexp.com.au
A copy of the full announcement, including map is available in PDF
format on www.asx.com.au. Alternatively it is available for purchase
from ASX Customer Service on 1 300 300 279.
Regards M.
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