PPP 0.00% 3.7¢ pan pacific petroleum nl

drilling activity

  1. 1,747 Posts.
    Fingers Crossed, Time for a Winner.

    Regards M.


    HOMEX - Sydney

    Pan Pacific Petroleum announces that the exploration well,
    Montgomery-1, in WA-149P, offshore Carnarvon Basin, Western Australia
    commenced drilling at 1900 hours (WST) on 1 st April 2003.

    The Montgomery prospect is a dip closure mapped at base Cretaceous
    level, extending over 20sqkm. The well targets multiple reservoir
    seal pairs within the Cretaceous and Jurassic sequence.

    The proximity of this target sequence to oil-mature Jurassic source
    rocks suggests that this prospect could be oil-prone. Pan Pacific's
    estimate of mid-case potential for the primary target, which is
    expected at around 3260m, is 30 million barrels, with upside around
    70 million barrels.

    Participants in Montgomery-1 well are

    Apache Oil Australia P/L 48.815 % (Operator)
    TAP (Shelfal) P/L 22.474 %
    Santos (BOL) P/L 18.711 %
    Pan Pacific Petroleum NL 10.000 %

    For further information : Eric Matthews (EXPLORATION MANAGER)
    Telephone: (02) 9957-2177
    Website: www.panpacpetroleum.com.au

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