santos and strike were always going to plug and abandon this well once drilling finished. They find 40 odd meteres of gas and the market wobbles. They were always to test later the commerciality of the find but markets hates those two words-imagone if they found no gas-\\
PEM STO - ASX Company Announcement $gol2 THIS IS A PRIORITY ITEM 16 September 2002 Part 1/1 -------- PERILYA LIMITED ---------------
Strike Oil NL (Perilya 34.3%) has reported a gas discovery by the Santos/Strike Oil joint venture in the Casino 1 well.
The target formation was successfully penetrated and a confirmed gas column in the order of 47 metres has been indicated by gas shows, electric logs and pressure data in the well.
The results have enhanced the potential of the VIC/P44 permit and have confirmed the ability to predict the presence of gas from seismic data in this area.
Further drilling is required to establish the commerciality of this discovery and is currently the subject of Joint Venture consideration. It is proposed to plug and abandon the current well at a total depth of 2,118 metres.
The VIC/P44 Permit interests comprise a joint venture between Santos (operator) 50% and Strike Oil 50%.
J Traicos COMPANY SECRETARY
PEM Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
