New Guinea Energy Limited reports that at 0600 PNG time the well was at a depth of 1246 metres and preparing to cement the 9.625 inch casing over the Darai Limestone section.
Progress for the week was 529 metres.
Biostratigraphic age dates from claystone samples immediately underlying the basal Darai Limestone confirm penetration of the uppermost Alene Member of the Ieru Formation.
Compared to the preferred pre-drill model, formation tops are approximately 325 metres high to prognosis.
The well is targeting sandstone reservoirs in the Toro Formation (primary target) and secondary reservoirs in the Alene and Iagifu member sandstones as well as the Koi Iange Formation.
Proposed total depth of the well is approximately 2250 metres in basement.
New Guinea Energy Limited is the sole participant in the Panakawa 1 well as the holder of a 100% interest in PPL 267.
As we are about to enter a new week I thought a new thread would be appropriate considering we have drilled through the rubbish and are now looking at drilling through the formations of interest.
After surprising everyone it seems by coming in 325 metres high we now have, if TD and basement remain at the same depth of 2250 metres, a 1000 metres of drilling through primary and secondary targets in the coming week or two...
Significantly, four-way closure of 6.5km2 is now recognised at Toro Formation (primary reservoir) level providing an P90 area estimate of 24 mmbbl. A maximum area (P10) of 30.5 km2 is delineated by the lowest closing contour and requires a component of fault-seal. The Mean target figure is 202 mmbbl.
Targeting 35 API light crude oil that is seeping at 5 barrels a day to the surface in the Toro.
In addition, a new lead has been delineated approximately 10 km from the Panakawa drilling location. Mapping suggests that areal closure of the Panakawa North Lead is approximately 60% of that mapped at Panakawa.. This lead provides a potential follow up drilling opportunity for NGE in a location accessible via existing logging tracks.
Panakawa-1 is very close to existing infrastruction in the form of a wharf used by barges. Roads and tracks used for logging provide access through the area.
All the ducks are in a row should they have a find, the coming weeks leading to TD will determine the outcome of this.
NGE Price at posting:
20.0¢ Sentiment: Buy Disclosure: Held
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