PCL 0.00% 0.2¢ pancontinental oil & gas nl

pcl-clearer ann

  1. 84 Posts.
    this ann is a better and clearer ann for the nervous and shows things going to course

    PCL ITC BLO AWE - ASX Company Announcement
    $enr2
    27 August 2002
    Part 1/1
    --------
    PANCONTINENTAL OIL & GAS NL
    ---------------------------

    HOMEX - Perth
    -------------------------
    New Zealand Huinga 1B-ST Production Testing Status Report

    EP 38716, TARANAKI BASIN. PANCONTINENTAL:6.6%

    The Company has been advised by the operator that during the last
    week the safety plug in the tubing was successfully retrieved and the
    well has been swabbed to encourage both the Murihiku and Kapuni
    formations to flow. So far only drilling mud and filtrate have been
    recovered with minor quantities of gas. This is consistent with
    expectations, given the large volumes of mud and lost circulation
    material lost during drilling operations. It is now planned to
    perform an acid wash, first on the Kapuni, to remove any lost
    circulation material that is impeding flow, and allow cleanup of the
    formation at higher flow rates. After the clean-up phase, the Kapuni
    formation will be flow tested separately over periods of several days
    before proceeding to cleanup and test the overlying Murihiku
    formation.

    These extended tests will provide critical data on reserves,
    production rates, reservoir characteristics, the quality and nature
    of the hydrocarbons and formation fluids in the Kapuni sandstones and
    the extensive fractures within the Murihiku Group metasediments.

    The Murihiku fractured zone, because of the severe lost circulation
    problems encountered while drilling, is indicative of high
    permeability, and is expected to flow at higher rates than the Kapuni
    interval.

    The production test data will also assist in determining the possible
    total thickness of the current (minimum) 237 meter gross oil column,
    as no oil/water contact and no clear indication of a gas oil contact
    has been established to date. This also provides a significant upside
    to the potential reserves of the Huinga discovery.

    The DST#1 over the 4370-4428 meter Kapuni sandstone interval
    recovered 21 barrels of 42 degree API oil from the middle of the
    4263m to 4500 metres gross interval. The top of the Kapuni Group is
    interpreted at 4378 meters.

    Sales contracts for oil produced during the Huinga 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%

    (1)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: svalbepancon.com.au

    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 Rule of Australian Stock Exchange Limited
    and has consented in writing to the Inclusion of this report as it
    appears here.



 
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