See below a Vic Petroleum annoucement re Jingemia in which HDR has a 22.3% interest. The well is to spud on 11 October and operated by Origin.
Based on the expected recoverables of 12 million barrels of oil and 29 bcf of gas, if successful the find would be worth around 5c to HDR??
Jingemia No. 1 Drilling Update Document date: Mon 30 Sep 2002 Published: Mon 30 Sep 2002 08:44:20 Document No: 134398 Document part: A Market Flag: Y Classification: Progress Report VICTORIA PETROLEUM NL 2002-09-30 ASX-SIGNAL-GHOMEX - Adelaide ONSHORE NORTH PERTH BASIN, EP 413Victoria Petroleum NL advises that it has received advice from theOperator of EP 413, Origin Energy, that the Jingemia-1 explorationwell is expected to commence drilling on or about 11 October, 2002,pending mobilisation of the drilling rig from the Hovea-3 location.Jingemia No 1 will drill the Jingemia Prospect, a tilted fault blockprospect similar in structural style to the Hovea Oil and Gas Fielddiscovery 5 kilometres to the northeast and will target the DongaraSandstone confirmed as oil bearing at Hovea-1 (flowed 1880 barrels ofoil per day) and the High Cliff Sandstone (flowed 16.5 million cubicfeet per day).Prognosed total depth of the well is 2,750 metres subsea, expected tobe reached in early November, 2002.Based on the recent January 2002 seismic survey and subsequentinterpretation and mapping, the Jingemia Prospect is interpreted tohave the potential to contain up to 12 million barrels of recoverableoil and 29 billion cubic feet of gas, if oil and/or gas is present.Via farmout agreement with Voyager Energy NL, Victoria Petroleum NLhas a near-free-carried 5.7685% interest in the drilling ofJingemia-1 and EP 413.Origin Energy is the Operator of EP 413.J KopcheffMANAGING DIRECTOR
