PPP 0.00% 3.7¢ pan pacific petroleum nl

3-4 well program spuds next week

  1. 3,469 Posts.
    PPP plans to spud "hot drill" program starting with 3-4 well [comfirmed] program with TAP and APACHE starting 14/8/03......that is mid next week !

    TL/2 Three wells, with a fourth likely, are being planned for drilling . Taunton-1, and a side track Taunton-3ST, will appraise the northern extent of the Taunton Oil Field[10+mmboe]. If these wells prove successful. the Taunton Oil Field will be considered for development with a tie-in to the Airlie Island production hub. A new exploration play will also be targeted in this drilling round. Mosman-1 will target a stratigraphic, trap with significant upside in the lower Barrow Group sandstones. The prospect has the potential to contain a mean recoverable volume of 16 rnmbbls of oil with an upside of 51 mmbboe. This is considered a very big play for PPP with high gearing for the share price ! This alone would make PPP the HOT junior oiler on the scene today ...

    TP/7 : It is also planned to drill the Hyssop-1 well after the completion at the Taunton Oil Field. The Hyssop prospect comprises a fault bound trap at the top of the Barrow Group along the eastern margin of the TP/7 permit. The prospect has the potential to contain a mean recoverable volume of 13 mmbboe of oil with an upside of 32 mmbbls. This well also gives PPP good gearing for upside in the share price .

    Future ; PPP has a stable of a further 4 wells to follow , but the order and commencement will be decided by APACHE who now have 3 offshore rigs working flat out around Barrow /Canarvon Basin ...
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