keep watch break of .10 a possibility

good news out the past few days & sp has had a slight rerateing, probaly a further update today, if they hit oil kaboom she goes:

keep watch


36TH FLOOR, EXCHANGE PLAZA, 2 THE ESPLANADE, PERTH, WESTERN AUSTRALIA 6000
TELEPHONE: (08) 9220 9800, FACSIMILE: (08) 9220 9801, EMAIL: [email protected] WEBSITE: www.vicpet.com.au
CORRESPONDENCE TO PO BOX Z5441, ST GEORGES TERRACE, PERTH, WESTERN AUSTRALIA 6831
c:\documents and settings\louisa\local settings\temporary internet files\olk14\asx growler-1_10_15 sept 06.doc
15 September 2006
Company Announcements
Australian Stock Exchange Limited
Level 4, 20 Bridge Street
SYDNEY NSW 2000
CONTINUING OIL SHOWS IN GROWLER-1, PEL 104, COOPER BASIN SOUTH AUSTRALIA
Victoria Petroleum N.L. as Operator for the PEL 104 Joint Venture advises that at 0600 hours Central
Standard Time, the operation was drilling ahead at 1,784 metres in the Hutton Sandstone.
On resuming drilling from 1,737 metres oil shows continued to be observed in the basal Birkhead
sands to 1,754 metres. Oil shows have now been observed in the basal Birkhead sands from 1,728 to
1,754 metres
Preliminary interpretation of the Drill Stem Test data from Drill Stem Test No.1 carried out over the
interval 1,728 to 1,737 metres indicated an initial flow rate into the test tool at 400 barrels of oil per
day and confirm that during the drills tem test 33 barrels of light oil flowed into the test tool and drill
string over the two hour period the tool was open. Wire line logs and further testing are required to
evaluate this oil recovery.
The operation going forward is to continue to drill ahead through the Hutton and Poolawanna sand
targets.
Growler-1 will be the first well drilled by the PEL 104 Joint Venture in this under-explored Jurassic area of the
permit which covers the western flank of the productive Patchawarra Trough of the Cooper Basin.
Growler-1 is located 16 kilometres west of the Santos Limited operated Callabonna Field which recovered oil
from the Jurassic Basal Birkhead sands on drill stem test.
The Growler Prospect is located in an analogous geological position with respect to the Permian source
kitchen which provided the oil for the August 2006 Callawonga Jurassic oil discovery of 2,400 barrels of oil
per day some 40 kilometres to the south operated by Beach Petroleum.
The Growler-1 well is targeting the seismically defined four way dip closed Growler structure interpreted to
have the potential to contain a combined recoverable oil target of up to 12 million barrels of oil in multiple
reservoirs, if oil is present.
The principal objectives of the well are the Basal Birkhead, Hutton and Poolawanna Sandstones over the
interval 1,700 metres to 2,079 metres.
Commenting on the oil recovery from the drill stem test at Growler-1, Victoria Petroleum NL’s
(Vicpet) Managing Director John Kopcheff said;
“Victoria Petroleum is pleased to be drilling Growler-1, the first well to be drilled by the PEL 104 Joint
Venture in the western part of PEL 104. The oil recovery from the basal Birkhead sand is very
encouraging, as it is the first oil recovery this far west of the previous Callabonna oil recovery 16
kilometres to the north east.”
“The preliminary drill stem test data indicates no pressure depletion observed during the test, a
positive for the commerciality of the well.”
VICTORIA PETROLEUM N.L. A.B.N 50 008 942 827
Incorporated in Western Australia
2
C:\Documents and Settings\louisa\Local Settings\Temporary Internet Files\OLK14\ASX Growler-1_10_15 sept 06.doc
“Exploration success at Growler-1 looks like it could establish a new oil production province in the
western part of PEL 104 and our adjoining PEL111 permit.”
“Of the three wells drilled in this western part of PEL 104 and PEL 111, all three have recovered oil”
“Also in PEL 104 we have four prospects in the vicinity of the Growler Prospect, such as the
Wirraway and Eagle prospects and a further nine similar prospects including Ascender, Gannet, and
Liberator in the immediately adjacent PEL 111 permit to the north.”
“Growler-1 is also an important well for Vicpet as it is the first well in a ten well exploration drilling
program to take place over the next six months in Vicpet’s South Australian and Queensland Cooper
Basin Permits.”
“The Wirraway and Ascender prospects in PEL 104 and PEL 111 are part of this ten well program
slated for drilling in November and December 2006 with the current rig.”
“Given the current industry exploration success rate of 45% in the Cooper Basin, Vicpet would
expect to continue to enjoy some degree of exploration success in the ten well drilling program.”
The participants in the drilling of Growler-1 and PEL 104 and their respective interests through their wholly
owned subsidiaries are as follows;
Victoria Petroleum N.L. (Operator) 40%
Impress Energy Limited 40%
Roma Petroleum N.L. 20%
JOHN KOPCHEFF
MANAGING DIRECTOR
VICTORIA PETROLEUM N.L.
Information of this report was completed by the Managing Director of Victoria Petroleum N.L, J T Kopcheff BSc (Hons
Eco.Geol), FAIMM, MAAPG, MSPE, MPESA, with 35 years experience in petroleum, geology and geophysics.
For information on Victoria Petroleum N. L. drilling activities visit our website at www.vicpet.com.au
“Drill Stem Test No. 1 oil recovery flaring at Growler-1, PEL 104, September 2006, Cooper Basin, SA.”