PCL 10.0% 0.6¢ pancontinental energy nl

PCL announcement

  1. 261 Posts.
    Sounds better than the BLO announcement.

    New Zealand Huinga 1B-ST Production Testing Status Report
    17-09 1617

    EP 38716, Taranaki Basin. Pancontinental: 6.6%

    Swabbing operations of the Murihiku 4261- 4285 meter fracture zone
    perforated interval have continued, with petroleum gas, and approx
    3,200 barrels of spent acid and mud filtrate having been recovered to
    date. A 3-day equipment breakdown reduced the liquid volumes swabbed
    over the past week.

    The petroleum gas has been analysed as methane with associated
    heavier hydrocarbons. This gas is flared and burnt at the
    commencement of daily swabbing operations. Some carbon dioxide and
    nitrogen, by-products of the acid wash and nitrogen lift, are also
    being recovered.

    Recently however, analysis of the recovered fluid and gas indicates
    that the well is producing, at least in part, interpreted formation
    water. This data is in conflict with all earlier evidence that the
    Murihiku fracture zone is oil productive, and infers that the
    perforations are not in communication with the Murihiku formation,
    and the recovered waters are sourced from elsewhere in the hole. The
    integrity of the cement bond between the casing and formation has
    therefore to be questioned, especially as some operational problems
    were experienced during the cementing operation.

    The Joint Venture is considering its options, in terms of an
    investigative programme, to determine how these problems may be
    corrected and how the fracture system that yielded significant
    quantities of crude oil into the mud during drilling, be properly
    evaluated and tested.

    It is too early to speculate what remedial steps may need to be taken
    to establish oil production from the Murihiku.

    The recovery of 21 barrels of 42 degree API oil from the deeper
    4370-4428 meter Kapuni sandstone interval during the open-hole
    drill-stem-test (DST#1), demonstrated that moveable oil is present
    in this well. The top of the Kapuni Group is interpreted at 4378

    It must be remembered that the total thickness of the (interpreted
    minimum) 237 meter gross oil column has not been established to date,
    as neither a definitive lower oil/water contact, nor an upper gas/oil
    contact been defined.

    Sales contracts for oil produced during the Huniga testing program
    have been negotiated on an interim basis, with the option to extend
    once specific volumes are defined by the testing program.

    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 part of three structures related to the
    eastern bounding fault of the Taranaki Basin, all being similar to
    that of the major Rimu/Kauri oil and gas discovery 18 kilometres
    south which is currently under development. The structures are named
    Huinga and Huinga South, both entirely within the Permit, and
    Makino, which is partly within the Permit but mostly within PEP38728,
    which adjoins to the south.

    (ASX* listed) Participants in the PEP 38716 Equity %
    Joint Venture are:

    Pancontinental Oil & Gas NL
    (through subsidiary Euro Pacific Pty Ltd) 6.6%

    *Marabella Enterprises Ltd (Operator)
    (Subsidiary of Bligh Oil & Minerals NL) 24.8%

    *AWE (New Zealand) Pty Ltd
    (Subsidiary of Australian Worldwide
    Exploration Ltd) 12.5%

    *Springfield Oil & Gas Ltd (1)
    (Subsidiary of Impress Ventures Ltd 4.8%

    Preussag Energie GmbH 24.00%

    Swift Energy NZ Limited 15.00%

    Indo Pacific Energy (NZ) Limited 7.30%

    PEP38716 Limited 5.00%

    (I)Subject to Joint Venture and government approvals; Springfield Oil
    & Gas Limited is a wholly owned subsidiary of Impress Ventures Ltd.

    Enquiries: Andrew Svalbe Director,CEO.

    Tel: 08 9227 7178 Fax: 08 9227 9079 Email: [email protected]

    ends - AAP

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