this ann is a better and clearer ann for the nervous and shows things going to course
PCL ITC BLO AWE - ASX Company Announcement
$enr2
27 August 2002
Part 1/1
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PANCONTINENTAL OIL & GAS NL
---------------------------
HOMEX - Perth
-------------------------
New Zealand Huinga 1B-ST Production Testing Status Report
EP 38716, TARANAKI BASIN. PANCONTINENTAL:6.6%
The Company has been advised by the operator that during the last
week the safety plug in the tubing was successfully retrieved and the
well has been swabbed to encourage both the Murihiku and Kapuni
formations to flow. So far only drilling mud and filtrate have been
recovered with minor quantities of gas. This is consistent with
expectations, given the large volumes of mud and lost circulation
material lost during drilling operations. It is now planned to
perform an acid wash, first on the Kapuni, to remove any lost
circulation material that is impeding flow, and allow cleanup of the
formation at higher flow rates. After the clean-up phase, the Kapuni
formation will be flow tested separately over periods of several days
before proceeding to cleanup and test the overlying Murihiku
formation.
These extended tests will provide critical data on reserves,
production rates, reservoir characteristics, the quality and nature
of the hydrocarbons and formation fluids in the Kapuni sandstones and
the extensive fractures within the Murihiku Group metasediments.
The Murihiku fractured zone, because of the severe lost circulation
problems encountered while drilling, is indicative of high
permeability, and is expected to flow at higher rates than the Kapuni
interval.
The production test data will also assist in determining the possible
total thickness of the current (minimum) 237 meter gross oil column,
as no oil/water contact and no clear indication of a gas oil contact
has been established to date. This also provides a significant upside
to the potential reserves of the Huinga discovery.
The DST#1 over the 4370-4428 meter Kapuni sandstone interval
recovered 21 barrels of 42 degree API oil from the middle of the
4263m to 4500 metres gross interval. The top of the Kapuni Group is
interpreted at 4378 meters.
Sales contracts for oil produced during the Huinga testing program
have been negotiated on an interim basis, with the option to extend
once specific volumes are defined by the testing program.
In the Taranaki Basin, oil and gas are produced at commercial rates
from Kapuni sandstone reservoirs as well as fractured limestones of
the Tikorangi formation. Many large commercial oil and gas fields,
both overseas and within Australia produce from fractured reservoirs.
PEP 38716 hosts all or part of three structures related to the
eastern bounding fault of the Taranaki Basin, all being similar to
that of the major Rimu/Kauri oil and gas discovery 18 kilometres
south which is currently under development. The structures are named
Huinga and Huinga South, both entirely within the Permit, and Makino,
which is partly within the Permit but mostly within PEP38728, which
adjoins to the south.
(ASX* LISTED) PARTICIPANTS IN THE PEP 38716 EQUITY %
JOINT VENTURE ARE:
*Pancontinental Oil & Gas NL
(through subsidiary Euro Pacific Pty Ltd) 6.6%
*Marabella Enterprises Ltd (Operator)
(Subsidiary of Bligh Oil & Minerals NL 24.8%
*AWE (New Zealand) Pty Ltd
(Subsidiary of Australian Worldwide Exploration Ltd) 12.5%
*Springfield Oil & Gas Ltd (1)
(Subsidiary of Impress Ventures Ltd 4.8%
Preussag Energie GmbH 24.00%
Swift Energy NZ Limited 15.00%
Indo Pacific Energy (NZ) Limited 7.30%
PEP38716 Limited 5.00%
(1)Subject to Joint Venture and government approvals; Springfield Oil
& Gas Limited is a wholly owned subsidiary of Impress Ventures Ltd.
Enquiries:
Andrew Svalbe
DIRECTOR,CEO
Tel: 08 9227 7178
Fax: 08 9227 9079
Email: svalbepancon.com.au
It is advised in accordance with Australian Stock Exchange Limited
Listing Rule 5.11 that the report on the above project has been
prepared by Mr Andrew Svalbe, AAPG, PESA, ASEG, FESWA who has had
more than the required five years experience and is a competent person
as defined in the Listing Rule of Australian Stock Exchange Limited
and has consented in writing to the Inclusion of this report as it
appears here.
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