PCL, BLO etc- More Oil and Gas Shows, page-2

re: PCL, BLO any oilers like to comment? Heres the main body of todays announcement
cheers
Rod


Pancontinental Oil & Gas NL has hcen advised by the opcrator that at 0600 hrs, 21 June 2002,
Huinga-IB-ST was drilling ahead at a depth of 4380 metres wilh oil shows at 4336m and 437 Im nnd
strung mud shows down to 4380m. Fracture zones with associated high to partial mud losses were
encountered throughout the drilled interval.
The oil and mud gas shows i n the sidetrack hole are replicating those in the original hole where oil
globules in the mud, fluorescence and cut, strong mud yas shows up to C5 (pentane), WMC recorded i n
major fracturellost circulation zones in the Murihiku Group metn-sediments from 42h3m down to the
base of that hole at 4373111. The depth to wllich the oil and gas associated with the rractutc zones and
underlying Tariki or Kapuni sandstones cxtonds will be determined as drilling progresses.
Significant potenlial oil and gas rescrves maybe present in these extensive fracture systemdlost
will be addressed in the ongoing well program.
circulation zones within the Murilliku Group. 'Testing procedures to evaluate thesc potential reserves
Basedon the velocity survey and drilling results to datc, the contact between the Murihiku Group
4444metres. Thc total depth 0 Huinga I B will be revised accordingly.
metasedimenls and underlying Tariki or Kapuni Fonnation objectives is now prognoscd at a depth of
PEP 38716 hosts all or part or thrce struchwes related to the eastern bounding fault of the Tarannki


Basin, all being similar to that of the major RirndKauri oil and gas discovery 18 kilometres south
which is currently under devclopment. The structures are named Huinga and Huinga South, both
cntircly within the Permit, and Makino, which is partly within the Permit but mostly within PEP38728,
which adjoins to the south. The primary pl-oducing zone of the Kimu/Kauri ficlds are units of the
Tariki Formation.
Four kilometres immediately to the west of Huinga are the Tariki, Ahuroa, oil and gas fields which
produce *om the Tariki formation.