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keep an eye on cvi - gas hits

  1. excelsior

    2,656 posts.
    CVI is worth keeping an eye on in the next few weeks, as they are drilling through an expected pay zone in their Madura well (Prupruh formation). The company released an update on Boxing day which was interestign as it showed they had drilled through a decent gas area. The well was stopped a few weeks ago when they went through a major gas kick, and had to drill round the objective or risk losing the drill stem. It is reasonable that an oil column exists underneath the gas zone, and the drill program will go through it shortly.

    One to stick on the radar in any case as they have cleaned out their tech stuff from 2000 and seem to reinventing the company, with new management, office location and an active drill program.

    Recent press release
    WELL REPORT MADURA BLOCK - TAMBUKU #1 WELL - DECEMBER 26, 2002
    (15:00 HRS Indonesia Time Zone)

    CityView Corporation Limited ("CityView") (ASX:CVI) has received the
    following information from its Joint Venture partner and Operating
    Shareholder, Pt Medco Energi Internasional TBK ("Medco"):

    OPERATOR: MEDCO MADURA - PERTAMINA JOB
    WELL: TAMBUKU #1
    RIG: P T APEXINDO 1500HP RIG 2
    SPUD: 21 OCTOBER 2002. (Midnight)
    TARGET DEPTH: PROGRAMMED FOR 10,416 feet
    PRESENT DEPTH: 5,888 ft.

    FORMATION OBJECTIVE:

    * Tuban (Sandstone)
    * Prupuh (Limestone - Sandstone)
    * Kujung (Limestone - Sandstone)
    * Poleng (Limestone - Sandstone)
    * Ngimbang (Limestone - Sandstone)
    * TD (Limestone - Sandstone)

    ACTIVITY:

    * As at 12:00 Hrs the well has been drilled to 5,888 feet.

    * The Operator advised that they have drilled through a 5 feet
    section of limestone with good gas indications. Depending on the
    results of logging to be performed after drilling this section, the
    operator anticipates drill stem testing this zone.

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