THe following announcement is very interesting. Clearly the participants think that they have hit oil. Even more clearly they are going to have fun and games getting it out of the well.
28 SEP '82 11:56 FROM RESOURCE SERUICES INT TO 1388388821 P. 81/83 PANCONTINENTAL Oil & G ~ S NL ACN 003 029 543 Buslness OWlce 1W Stirling Steel, Perth Western Australia 6000 PO Box 8260 Perth Business Cenlre. IPerth Western Australia 6849 Twl: (51 8) 8221 7178 Ernail: [email protected] Web: w,pancmcom.au Po8w A ~ ~ M S S ~ m : 161 e) 9227 9079 COMPANY: ASX Announcemcntr Office FAX NO: 1300 300 021 To: DATE: 20 Seplember 2002 FROM Andrew Svalbe PAGES: Thrcc RE: New Zcaland Huinga 18 Drilling and Project Status Report L Thc information contained in this facsimile may bc privileged nndlor contidcntial and is intended for thc cxclusivz use UT lhe nddrcsscc. If you arc not the intended recipicnt you may not copy. use or rlistributc the informulion contained herein #rd you should contact the Company on (61 -F 8 ) 9227 7178 Tur furthcr inStluCtiOI?S. Dear Sir, Please find attached announcement regarding the above. Yours faithfully PANCONTINENTAL OIL AND GAS NL Andrew Svalbe Director and Chief Executive Oficct 28 SEP '82 11:56 FROPI RESOURCE SERUICES IN1 A PCL - PANCONTINENTAL Oil B Gas NL ACN 003 029 543 TO 1388388821 20 September 2002 Manager Announcements Company Announcements Office Australian Stock Exchange Limited 20 Bridge Street SYDNEY NSW 2000 ASX ANNOUNCEMENT New Zealand Huinga 1B-ST Production Testing Status ReDort EP 38716, Taranaki Basin. Pancontinental: 6.6% the recovered fluids were in conflict with all earlier evidence that the Murihiku fracture zone is oil As indicated in our earlier rcport this week, the results ofthe production tests have been enigmatic and productive. Consequently the testing operations have been suspended and the surface equipment released back to the suppliers while the Joint Venture defines a program and tilnelable to remedy the down-hole problems and conduct a definitive production testing program of the Huinga oil discovery. The production test results to date infer that the perforations of both the Murihiku and Kapuni zones were not in communication with the formations, and the recovered fluids werc sourced, not from the perforated zones, hut from elsewhere in the hole. This is believed to be caused by the poor quality of the cement bond between the casing and formation, especially as operational problems were experienced during the casing cementing operation. these do--hole problems may he corrected and how the Murihiku fracture system and associated The Joint Venture will convene shortly to consider the engineering options and agree on how best zones that yielded significant quantities of crude oil into the mud during drilling might be properly evaluated and tested. Given the strong belief within the Joint Venturc that Huinga is oil productive, Pancontinental believes [hat, once agreed, these remedial measures and the associaled testing program will be implernentcd as soon as the necessary equipmcnt is available. The Company will announce that timetable when agreed by the Joint Venturc. The recovely of 21 barrels of42 degree API oil from the deeper 4370-4428 meter Kapuni sandstone interval during the open-hole drill-stcm-test ( DST#I), demonstrated that moveable oil is present in this well. The top of the Kapuni Group is interpreted at 4378 mctcrs. column has not been established to date, as neither a definitive lower oil/water contact, nor an upper It must be rcrnembered that the total thickness of the (intcrpreted minimum) 237 meter gross oil gadoil contact been defined. basis, with the option to extend once specific volumes are defined. Sales contracts for oil produced during the Huinga testing program have been negotiated on an interim 28 SEP '82 11:56 FROM RESOURCE SERUICES INT TO 1388388821 P, 83/83 In the Taranaki Basin, oil and gas are produced at commercial rates from Kapuni sandstone reservoirs as well as fractured limestones of the Tikorangi formation. Many large commercial oil and gas fields, both overseas and within Australia produce from fractured reservoirs. PEP 38716 hosts all or p& of three structures related to the eastern bounding fault of the Taranaki Basin, all being similar to that of the major Rirnaauri oil and gas discovery 18 kilometres south which is currently under development. The structures are named Huinga and Huinga South, both entirely within the Permiq and Makino, which is partly within the Permit but mostly within PEP38728, which adjoins to the south. (ASX* fisted) Participants in the PEP 3871 6 Joint Venture are: *Pancontinental Oil & Gas NL (through subsidiary Euro Pacific Pty Ltd) *Maraklla Enterprises Ltd (Operator) (Subsidiary of Bligh Oil & Minerals NL) Eqrriry 9s 6.6% 24.8% *AWE (New Zealand) Pty Ltd. (Subsidiary of Australian Worldwide Exploration Ltd.) 12.5% *Springfield Oil & Gas Ltd (1) (Subsidiary ofImpress Ventures Ltd) 4.8% Preussag Energie GmbH 24.00% Swift Energy NZ Limited 1 5 .OO% Tndo Pacific Energy (NZ) Limited 7.30% PEP38716 Limited 5.00% (1)Subject to h i n t Venture and government approvals; Springfield Oil & Gas Limited is a wholly owned subsidiav of Impress Ventures Ltd. 2 ** TOTAL PAGE.83 **
PCL Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
(20min delay)