PCL 0.00% 0.2¢ pancontinental oil & gas nl

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  1. 1,747 Posts.
    Pancontinental Oil and Gas are in the process of drilling a highly prospective well in NZ. Called Waingaromia 2 this well is on the site where in the 1900's gas burst from the well and burnt the derrick down.
    Oil was of more interest then and the well was plugged.
    Today the company seek gas and oil at this site.It seems highly likely that they will be successful.Success will be a company maker.
    PCL has not reported but Sun Resources have.I think success will be evident in about a week.You can thank me then but as always, do your own research.
    Here's the SUR report.

    Regards M.

    SUN RESOURCES NL 2002-05-17 ASX-SIGNAL-G

    HOMEX - Perth

    +++++++++++++++++++++++++
    Sun Resources NL ("Sun") wishes to announce Waingaromia #2, PEP
    38330, East Coast Basin, North Island of New Zealand, was at 171
    metres depth at 0600 hours NZT on Friday, 17 May 2002 and drilling
    ahead in PQ core.

    A 10% interest is being earned in the permit by Sun paying 20% of
    the dry hole costs of the drilling of Waingaromia #2 to a vertical
    depth of 500 metres. Waingaromia #2 is sited on an anticlinal
    structure near Waingaromia #1, a 403 metre deep well which produced
    significant oil and gas in the period 1884-1887 before it was
    destroyed by fire. The original well was sited in a valley some 4
    kilometres southwest of the prolific Waitangi oil seeps with no clear
    evidence from surface geology of any structural closure. However,
    recent seismic suggests the presence of a hidden anticlinal
    structure. The Lower Miocene sandstone reservoirs are targeted and
    are anticipated at about 388 to 403 metres (as drilled by Waingaromia
    #1) and in the 403 to 500 metre interval below total depth of the
    older well.

    The well will assess a potential target of up to 21 million barrels
    of oil recoverable with up to 21 billion cubic feet recoverable of
    associated gas.

    Participants in the well are:

    * Sun Resources NL 10.00%

    * Pan Continental Oil& Gas NL 33.22%

    * Indo, Pacific Energy (NZ) Limited 34.28% (Operator)

    * Origin Energy Resources (NZ) Limited 22.50%


 
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