HDR hardman resources limited

HDR ORG OIL Discovery

  1. 321 Posts.
    ORG AWE VPE VOY PCL HDR - ASX Company Announcement
    $gen0 THIS IS A PRIORITY ITEM
    22 October 2002
    Part 1/1
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    ORIGIN ENERGY LIMITED
    ---------------------

    HOMEX - Sydney
    -------------------------
    New Field Oil Discovery at Jingemia 1

    Origin Energy Resources Limited*, as operator of Exploration Permit
    413, provides the following update on the exploration well Jingemia
    1.

    Preliminary indications are that Drill Stem Test 2 in the Dongara
    Sandstone over the interval 2407.3 metres to 2419 metres has
    recovered 26.5 barrels of 37 degree API oil during a 3 hour flow
    period. Some associated gas and condensate was also recovered, no
    water is reported.

    The Drill Stem Test tool is currently being retrieved. Consequently,
    no charts have yet been recovered or analysed to establish the
    validity of the test, confirm the recovery or establish whether there
    was any depletion of the reservoir during the test.

    Origin Energy's General Manager Exploration Dr Rob Willink said
    "Although encouraged by the oil recovery that establishes this well
    as a new field oil discovery in the Perth Basin, it is too early to
    speculate on the commercial significance of this accumulation as the
    oil column height is not as yet known and the Drill Stem Test charts
    have not been inspected".

    Following retrieval of the Drill Stem Test tool, drilling will
    continue to determine the extent of the hydrocarbon column and the
    thickness of the reservoir. Once this has occurred, a decision will
    be made whether to run wireline logs and case off the Dongara
    Sandstone prior to drilling ahead to the secondary High Cliff
    Sandstone target in 6 inch hole.

    All depths cited above are measured depths along hole.

    Participants in EP 413 and Jingemia 1 are as follows:

    Origin Energy Developments Pty Limited* 49.189%
    Hardman Oil and Gas Pty Ltd 22.376%
    AWE (Perth Basin) Pty Ltd 15.245%
    Victoria Petroleum NL 5.7685%
    Voyager Energy Limited 5.7685%
    Pancontinental Oil & Gas NL 1.278%
    Alan Robert Burns 0.233%
    John Kevin Geary 0.142%

    * a wholly owned subsidiary of Origin Energy Limited
 
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