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arq drilling starts friday...watch closely

  1. 1,005 Posts.
    Release Date: 3 July 2003
    To: Australian Stock Exchange Ltd
    Facsimile: 1300 300 021 No of Pages 2
    From: Eric Streitberg
    Re: Perth Basin drilling program to recommence shortly
    • The L1/L2 joint venture has agreed to recommence drilling at Hovea with a target spud date of
    18 July for the first well, the Hovea 8 horizontal oil development well. The program will use
    the Century 24 drilling rig subject to final contract negotiation and government approvals.
    • Additional oil development wells and oil and gas exploration wells will be drilled later in the
    program subject to ongoing technical evaluation.
    Development Drilling Program
    The recent seven well drilling program which commenced in June 2002 was successful in
    appraising the Hovea Oilfield and in discovering the Eremia Oilfield. The Century 24 rig then
    undertook a drilling program elsewhere in the Perth Basin while the L1/L2 joint venture assimilated
    the results of the last drilling program and prepared for this next multi-well exploration and
    development program.
    This program will commence with Hovea 8, an oil production well to be drilled from the Hovea
    Production Facility to a horizontal section bottom hole location between the Hovea 3 and Hovea 4
    wells. Hovea 8 will incorporate the design and drilling parameters from the recent successful
    deviated well program together with a number of technically advanced drilling techniques. The
    well is designed to provide optimal drainage of the Hovea reserves, redundancy in the production
    system, and the ability to meet production targets in the long term. A similar well with the same
    objectives is planned for the Eremia Oilfield (Eremia 2), later in the year.
    The Hovea 9 well is also planned as part of the program. The final location of this well is yet to be
    agreed by the joint venture but it is likely to have the twin objectives of appraising the southern part
    of the Hovea Oilfield and of providing an additional water injection point to optimise recovery from
    both the Hovea and Eremia fields.
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