From VPE Annual reportMArch 1998ATP 589P - Cooper/Eromanga...

From VPE Annual report
MArch 1998

ATP 589P - Cooper/Eromanga Basin, QLD
Victoria Petroleum Interest (Direct and Indirect) - varying 15-60%

The ATP 589P Cooper/Eromanga Basin permit is adjacent to the MIM Petroleum permit containing the 9.4 million cubic feet per day Bunya-1 gas discovery and the OCA 4 million cubic feet per day Thylungra-1 gas and condensate discovery.

In late 1997, under the Icon Oil N.L. ATP 589P Farmin, Icon Oil drilled Springfield East-1, Regeleigh North-1 and Brightspot-1. The drilling resulted in a non commercial gas discovery at Springfield East-1 which flowed gas at a rate of 200,000 cubic feet per day from a Permian Sandstone.

Although the gas flow from Springfield East-1 was non commercial, this result is considered encouraging for the Permian gas potential of this area of ATP 589P.

Significant Jurassic oil potential has also been interpreted as present in ATP 589P in the Barcoo Junction area, based on the oil shows seen in the numerous wells drilled in the permit.

Barcoo Junction-2 was drilled in June 1996 to a total depth of 2620 metres to test the Barcoo Junction Prospect in the north-western area of ATP 589(1). Barcoo Junction-2 was prognosed prior to drilling as an updip test of the oil and gas shows observed in the Hutton and Basal Jurassic sands in Barcoo Junction-1, drilled in 1980.

Barcoo Junction-2 encountered good oil shows in the target Hutton and Basal Jurassic sandstones.

Further geological and geophysical evaluation of the well results of Barcoo Junction-2 to determine the significance of the oil strong shows encountered in the Hutton and Basal Jurassic sandstones, indicates Barcoo Junction-1 and Barcoo Junction-2 were drilled out of depth closure. The Barcoo Junction North Prospect has been interpreted to be updip of Barcoo Junction-1 with the potential to contain up to 39 million barrels of oil in the target Hutton and Basal Jurassic sandstones, if oil is present.