Victoria Petroleum finds oil in SA
AAP
2009-07-01
Shares in Victoria Petroleum NL (Vicpet) rose after the oil and gas exploration junior reported an oil discovery in the South Australian section of the Cooper Basin.
Shares in Vicpet inched two cents, or 5.13 per cent, higher to 41 cents at 1537 AEST on Wednesday. This compares to its 12-month low of 12 cents.
Vicpet's main joint venture partner in the Snatcher-1 well, Impress Energy Ltd, gained 0.2 cents, or 3.57 per cent, to 5.8 cents in an otherwise negative trading day.
Vicpet said net oil pay had been encountered during drilling at Snatcher-1, which was within a licence that neighboured Santos Ltd's Charo field.
"Vicpet is very pleased that Snatcher-1 has come in as an oil discovery with a significant oil column found," Vicpet managing director John Kopcheff said on Wednesday.
Mr Kopcheff said production testing was scheduled for mid-July and a second well would be immediately drilled within the licence to further evaluate the oil-bearing potential of the area.
Mr Kopcheff has in the past joked that Vicpet drilled 99 dry wells before discovering oil.
http://www.tradingroom.com.au/apps/view_article.ac?articleId=612930
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