PCL 20.0% 0.3¢ pancontinental oil & gas nl

Funny, why all the selling..

  1. 10,543 Posts.
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    ...or are the punters voting with their feet ?

    The announcements looks OK so what is the problem ?

    PANCONTINENTAL OIL & GAS NL 2002-07-12 ASX-SIGNAL-G

    HOMEX - Perth

    +++++++++++++++++++++++++
    EP 38716, TARANAKI BASIN PANCONTINENTAL: 6.6%

    At 0600 hrs, 12 July 2002, the well was pulling out of the hole after
    cleaning out the open hole section, to 4428 meters, conditioning and
    circulating the hole in preparation for the open hole drill stem test
    of the Kapuni sandstones. Thedrill stem-test (DST) tools will then be
    run into the hole to test the 4370-4428 meter open hole interval. The
    results of the DST should be available in 2 to 3 days.

    The objectives of the forward testing program will be to evaluate the
    production characteristics, reservoir quality and nature of the
    hydrocarbons and formation fluids in the Kapuni formation sandstones
    and the extensive fractures within the Murihiku Group metasediments.

    As reported previously, strong mud gasshows commenced at 3828m, and
    further strong gas shows with associated live oil shows were recorded
    over a 237 meter gross interval while drilling from 4263m down to the
    current total depth of 4500 metres. The top of the Kapuni Group is
    interpreted from drilling data at 4378 metres.

    Hydrocarbons are produced at commercial rates from Kapuni sandstone
    reservoirs as well as the Tariki sandstones in the Taranaki basin.
    Internationally, and within Australia, many large commercial oil and
    gas fields produce from fractured reservoirs.

    PEP 38716 hosts all or part of three structures related to the
    eastern bounding fault of the Taranaki Basin, all being similar to
    that of the major Rimu/Kauri oil and gas discovery 18 kilometres
    south which is currently under development. The structures are named
    Huinga and Huinga South, both entirely within the Permit, and Makino,
    which is partly within the Permit but mostly within PEP38728, which
    adjoins to the south.

    Huinga 1B commenced re-entry: 8 April 2002.

    Location of well: NZMG: 2 631 910.93 mE.
    6 205 424.34 mN.

    Operation since last report: RIH with bit to clean and
    circulate hole; POOH.

    Drilling Rig: Parker Rig - 188.

    Proposed Total Depth: 4,500 metres - subject to
    deepening.

    Primary Objectives: Fracture zones within the Murihiku
    Group.

    Sandstones units of the Kapuni
    Group.

    Last hydrocarbon indications: Samples of waxy crude and strong
    gas shows recorded at surface
    while drilling and circulating
    the hole prior to logging.

    Note: All reported depths are referred to the rig rotary table
    (mAHBRT).

    (ASX* LISTED) PARTICIPANTS IN THE PEP 38716 EQUITY %
    JOINT VENTURE ARE:

    *Pancontinental Oil & Gas NL
    (through subsidiary Euro Pacific Pty Ltd) 6.6%

    *Marabella Enterprises Ltd (Operator)
    (Subsidiary of Bligh Oil & Minerals NL) 24.8%

    *AWE (New Zealand) Pty Ltd
    (Subsidiary of Australian Worldwide Exploration Ltd) 12.5%

    *Springfield Oil &Gas Ltd (1)
    (Subsidiary of Impress Ventures Ltd) 4.8%

    Preussag Energie GmbH 24.00%

    Swift Energy NZ Limited 15.00%

    Indo Pacific Energy (NZ) Limited 7.30%

    PEP38716 Limited 5.00%

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


    Enquiries:

    Andrew Svalbe
    DIRECTOR, CEO

    Tel: 08 9227 7178
    Fax: 08 9227 9079
    Email: [email protected]

    It is advised in accordance with Australian Stock Exchange Limited
    Listing Rule 5.11 that the report on the above project has been
    prepared by Mr Andrew Svalbe, (AAPG, PESA, ASEG, FESWA) who has had
    more than the required five years experience and is a competent
    person as defined in the Listing Rules of Australian Stock Exchange
    Limited and has consented in writing to the inclusion of this report
    as it appears here.



 
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142 271054370 0.2¢
 

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