HDR hardman resources limited

HDR Announcement

  1. 325 Posts.

    They think that the well could potential be a oil producing well .

    Read the last paragrath of the announcement

    Progress Report 32 for Woodada #19 Well

    Document date: Tue 28 May 2002 Published: Tue 28 May 2002 12:38:52
    Document No: 216949 Document part: A
    Market Flag: N
    Classification: Progress Report

    HOMEX - Perth

    Bounty Oil & Gas NL provides the following progress report on the
    drilling of the Woodada #19 gas well. All depths are in metres below
    the Kelly Bushing on the rig floor.

    Period: 24 hours to 6am on 28/05/2002.

    Current Depth: 2,841 mKB (Total Depth).

    Progress: Nipple up BOP's, pressure test. Make up bit, pick up
    3(1/2) inch (88.9mm) drill pipe. Presently running
    in hole at 2083m, prior to circulating hole clean
    and running Cement Bond Log.

    Forward program: 1. Conduct long term flow testing through casing of
    the sandstones within the basal Irwin River Coal
    Measures and High Cliff Sandstone to determine type
    of formation fluid (oil or water) and productivity.
    2. Conduct long term flow testing of Carynginia
    Limestone to confirm the economic potential for gas

    Indications: Please refer to previous announcements.

    Primary and
    Targets: Please refer to previous announcements.

    Participants: Hardman Resources Ltd 75%
    Bounty Oil & Gas NIL 25%

    Bounty Comment:

    We have run and cemented 7(1/2) inch casing in the hole to 2,838m. We
    are now running back into the hole to circulate it clean and then run
    a Cement Bond Log to confirm the integrity of the cement job. After
    this the casing will be scraped clean of any residual cement and
    perforated at selected intervals in the Irwin River Coal Measures and
    High Cliff Sandstone.

    Cased Hole Test #1 will then be performed and the perforated sections
    swabbed to recover fluids and/or stimulate flow. It will take
    approximately 4 days (Saturday) to get to this stage. Note that we
    expect to initially recover drilling mud, as a substantial amount was
    lost to the formation while drilling. It is only after this mud is
    recovered that we will be able to assess the true nature (oil or
    water) of the fluid in the formation. If the deeper zones prove to be
    oil-bearing, the well will be completed for oil production. If the
    zones produce water, the Carynginia Limestone will be tested by Cased
    Hole Test #2 to confirm that it is able to flow gas at economic
    rates. Wireline logs and DST #1 have indicated that the Carynginia
    Limestone should be capable of economic gas production.

    T Fontaine

    NOTE: In accordance with ASX listing requirements, the geological
    information supplied in this report has been based on information
    provided by geologists who have had in excess of five years
    experience in their field of activity.

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