1. Most Discussed
  2. Gainers & Losers
PCL 0.5¢

Getting There

  1. Mangrove

    1,747 posts.
    Slowly but surely Pcl are on their way to a good result at Huinga 1b.Fortune favours the persistent.

    Here's the latest.Is there so much oil down here that the hole keeps collapsing?

    Regards M.

    10 July 2002

    Manager Announcements

    Company Announcements Office

    Australian Stock Exchange Limited

    20 Bridge Street

    SYDNEY NSW 2000

    ASX ANNOUNCEMENT

    New Zealand Huinga 1B-ST Drilling and Project Status Report


    EP 38716, Taranaki Basin. Pancontinental: 6.6%


    At 0600 hrs, 10 July 2002, the wells was circulating and conditioning the hole at a depth of 4429 metres, after drilling out of the casing at 4360 metres. Adverse hole conditions prohibited deepening the hole past this point. Strong gas and oil shows were again observed while cleaning out the hole to 4429m. The upper Kapuni sandstones are exposed in this interval. Electric logs will now be run prior to conducting a drill stem test over that interval.


    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 gas shows 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. The primary producing zone of the Rimu/Kauri fields are units of the Tariki Formation.

    Four kilometres immediately to the west of Huinga are the Tariki, Ahuroa, oil and gas fields which produce from the Tariki formation.









    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 to drill out casing shoe, drill to 4429m, can’t get deeper -- packing off; circulate hole.

    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.



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


    (ASX* listed) Participants in the PEP 38716

    Joint Venture are:
    Equity %

    *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.

DISCLAIMER:
Before making any financial decisions based on what you read, always consult an advisor or expert.

The HotCopper website is operated by Report Card Pty Ltd. Any information posted on the website has been prepared without taking into account your objectives, financial situation or needs and as such, you should before acting on the information or advice, consider the appropriateness of the information or advice in relation to your objectives, financial situation or needs. Please be aware that any information posted on this site should not be considered to be financial product advice.

From time to time comments aimed at manipulating other investors may appear on these forums. Posters may post overly optimistic or pessimistic comments on particular stocks, in an attempt to influence other investors. It is not possible for management to moderate all posts so some misleading and inaccurate posts may still appear on these forums. If you do have serious concerns with a post or posts you should report a Terms of Use Violation (TOU) on the link above. Unless specifically stated persons posting on this site are NOT investment advisors and do NOT hold the necessary licence, or have any formal training, to give investment advice.

Top