PCL 0.00% 0.2¢ pancontinental oil & gas nl

oil find!!!

  1. 1,669 Posts.
    13/12/2002 15:03:18
    Jingemia 1 Oil Discovery

    PANCONTINENTAL OIL & GAS NL 2002-12-13 ASX-SIGNAL-G

    HOMEX - Perth

    +++++++++++++++++++++++++
    INITIAL FLOW RATE OF 2000 BARRELS PER DAY FROM PRODUCTION TESTING

    EP 413, PERTH BASIN PANCONTINENTAL: 1.278%

    The Company has been advised by Origin Energy Resources Limited, as
    operator of Exploration Permit 413 that the 2 week production testing
    program of the Jingemia 1 oil discovery commenced on 11 December
    2002.

    An initial clean up flow rate of approximately 2000 barrels of oil
    per day was recorded. A program of flow rates at various choke sizes,
    down hole fluid sampling, and periods of pressure build up will be
    carried out over the next two weeks in order to determine the
    production characteristics of the indicated 30 metres of oil in the
    reservoir Dongara Sandstone in the Jingemia Oil Field. This will be
    followed by a 2 week shut-in period.

    Origin Energy Developments Pty Ltd also advises that following this
    initial production testing period, plans are being advanced for an
    extended production test to commence on or about 1 February 2003.

    Based on the recent January 2002 seismic survey and subsequent
    interpretation and mapping, the Jingemia Prospect is interpreted to
    have the potential to contain a mean recoverable oil reserve of 5
    million barrels.

    The Company will make announcements on the results from the various
    phases of the tests as they become available.

    Jingemia is located in the onshore Perth Basin 24 kms south of the
    Dongara township and Dongara gas and oil field. The Jingemia prospect
    is a fault dependent closure very similar to the Hovea oil discovery
    5 kms to the north-east.

    Commenting on the test results, Pancontinental's Chief Executive
    Officer Andrew Svalbe said "Although Pancontinental's equity in the
    Jingemia project is modest; the expected cash flows will be a
    milestone in the Companys growth history. Optimisation of Jingemia
    production rates and future exploration success in the EP413 permit
    on a number of attractive "look-alike" leads will add to these
    results."

    (ASX* listed) Participants in the EP 413
    Joint Venture are: Equity %

    * Pancontinental Oil & Gas NL
    (through subsidiary Euro Pacific Energy Pty Ltd) 1.2780%

    * Origin Energy Resources Limited (Operator)
    (Subsidiary of Origin Energy Limited ) 49.1890%

    * Hardman Oil & Gas Pty Ltd 22.3760%

    *AWE (Perth Basin) Ltd
    (Subsidiary of Australian Worldwide Exploration Ltd) 15.2450%

    * Victoria Petroleum NL
    (through subsidiary Victoria Petroleum Offshore Pty
    Ltd) 5.7685%

    * Voyager Energy Ltd
    (through subsidiary Chimelle Petroleum Ltd) 5.7685%

    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.



 
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