PCL 0.00% 0.2¢ pancontinental oil & gas nl

Flow Testing To start this weekend

  1. 1,747 Posts.
    Todays announcement is very positive but somehow no one noticed it so here it is.This is from the PCL ASX site.

    Regards M.

    NZ- PEP38716 Taranaki Basin

    Document date: Tue 13 Aug 2002 Published: Tue 13 Aug 2002 12:21:06
    Document No: 147907 Document part: A
    Market Flag: Y
    Classification: Progress Report

    HOMEX - Brisbane


    Marabe1la Enterprises Limited, Operator for the PEP38716 Joint
    Venture, reports that preparations are underway for the extended
    production test of the Huinga 1B well. Wireline operations to remove
    a safety plug in the completion tubing should commence tomorrow.
    Simultaneously the surface production equipment will be installed and
    pressure tested. It is envisaged that initial flow from the well, to
    clean out any completion and drilling fluid, will be over the coming
    weekend. After the clean-up phase the Murihiku and Kapuni formation
    will be flow-tested separately.

    The Huinga prospect is located on the prospective eastern margin
    trend in the Taranaki Basin, New Zealand, north of the recently
    drilled Makino-1. Huinga-1B has provided further confirmation
    of the prospectivity of this trend, initially established by the Rimu
    and Kauri discoveries, and further enhanced by the results of the
    Makino-1. Huinga-1B was directionally drilled from the existing
    Huinga 1 well bore, to target sandstones of the Tariki and Kapuni
    Group at a location approximately 550 metres west of the Huinga
    wellsite. Although the well did not encounter the Tariki sandstone,
    oil-bearing Kapuni Group sandstones were encountered directly beneath
    the Murihiku thrust block. The Tariki remains a prospective target,
    but at a location west of the current well bore.

    Bligh has a 24.80% interest in PEP38716, through its wholly owned
    subsidiary, Marabella Enterprises Limited and is Operator of the
    permit and the well. The other participants in the well and permit

    Preussag Energie GmbH 24.00%
    Swift Energy NZ Limited 15.00%
    AWE New Zealand Pty Limited 12.50%
    Indo Pacific Energy(NZ)Limited 7.30%
    Pancontinental Oil & Gas NL 6.60%
    PEP38716 Limited 5.00%
    Springfield Oil and Gas Limited 4.80%*

    * Subject to Joint Venture and government approvals; Springfield Oil
    & Gas Limited is a wholly owned subsidiary of Impress Ventures Ltd.

    B D Emmett

    For further information please contact,
    Mr Brent Emmett

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