Anyone prepared to comment on the casino 1 drilling particularly that gas shows have been recorded from depth of 1743 to current depth which is at 1797. the indications in previous reports suggest that casino 1 could potentially capitalise strike oil at $150-$250 million with pem owning a third of strike. pem's current market capitalisation is $95 million.
+++++++++++++++++++++++++ Strike Oil NL (Perilya 34.3%) advises that the extreme weather conditions that have prevented recommencement of drilling operations have improved significantly.
As at 06.00 hours EST on Wednesday the 11th September 2002 the Ocean Bounty Semi-submersible drilling rig has drilled the Casino 1 well in exploration permit VIC/P44 to a depth of 1797 metres, encountering gas shows over the interval from 1743 - 1797 (current depth). The significance of the earlier gas shows cannot be assessed until this programme has been completed.
Current operation: Preparing to resume operations as sea conditions improve.
Forward plan: To drill ahead to total depth and then conduct a wireline evaluation programme to establish reservoir quality, reservoir pressures and recover gas samples.
Estimated time to total depth: Approximately 1 - 2 days from recommencement of drilling operation.
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
