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PCL - More Gas

  1. 1,747 Posts.
    For those interesded here's todays announcement.

    Regards M.

    PANCONTINENTAL OIL & GAS NL 2002-05-24 ASX-SIGNAL-G

    HOMEX - Perth

    +++++++++++++++++++++++++
    PEP 38330, EAST COAST BASIN PANCONTINENTAL: 33.22%

    The operator has advised that at 06.00hrs today Waingaromia 2 was at
    a depth of 369.5m in HQ (96mm) diameter hole and stabilising the hole
    after encountering a second zone with high gas readings.

    Core from the zone which flowed gas to the surface yesterday has been
    recovered. The interval 347.5m to 348.3m consists of a brecciated or
    fractured micritic limestone with open fractures and voids.

    On stabilising the hole, coring will continue towards the deeper main
    objectives of the well. The gas flows and earlier oil shows have
    been positive indications for the prospectivity of this well.

    The balance of section to 369m is (lower Mid Miocene age) mudstones
    with minor tight siltstones and tuffaceous sandstones.

    Waingaromia 2 will be continuously cored to a minimum depth of 500
    metres. The 1880's Waingaromia 1 well reached a total depth of 402m.
    Below that depth, additional sandstone reservoirs are predicted based
    on the local stratigraphy.

    Continuous cores will provide detailed geological and reservoir
    parameter data to assist in any production and development decisions.
    These core data will be of immeasurably higher quality than that
    obtained in the 1880's Waingaromia 1 well, drilled using the
    percussion drilling technique.

    Potential, most likely, recoverable oil reserves of the Waingaromia
    prospect, based on the trap size determined by the seismic survey
    conducted in 2000, an estimated at 10 million barrels for the sands
    intersected by the Waingaromia 1 well.

    Pancontinental Oil & Gas NL and Indo-Pacific Energy Ltd have farmed
    out a 10% interest in PEP 38330 to Sun Resources NL. Sun is
    contributing 20% of the dry hole drilling costs of Waingaromia 2 to
    earn 5% from each of Pancontinental and Indo-Pacific.

    Waingaromia 2 spudded: 10 May 2002.

    Location of well: NZMG: 2 939 167 mE.
    6 302 795 mN.

    Operation since last report: Controlled gas kick at 347.5m,
    circulated heavier mud, stabilised
    hole, cored ahead. High gas at 369.5m,
    circulating hole.

    Drilling Rig: Century Drilling: - Rig 45.

    Proposed minimum total depth: 500 metres.

    Primary Objectives: Sandstones, limestones and
    conglomerates of Lower Miocene age
    from 143m to TD.

    Hydrocarbon indications Gas kick at 347.5m, flow diverted
    since last to surface flare line, flare flame
    report: measured at 5.0m. High gas readings
    at 369.5m.

    Note: All reported depths are referred to the rig rotary table
    (mAHBRT).

    (*ASX listed) Participants in the PEP 38330 Equity %
    Joint Venture are:

    *Pancontinental Oil & Gas NL
    (through subsidiary Euro Pacific Pty Ltd) 33.22%

    Indo-Pacific Energy (NZ) Ltd (Operator) 34.28%

    *Origin Energy Resources NZ Ltd 22.50%

    *Sun Resources NL (1) 10.00%

    (1) Subject to completion of farmout obligations and Government
    approvals.

    PEP 38716, TARANAKI BASIN PANCONTINENTAL: 6.6%

    Pancontinental Oil & Gas NL has been advised by the operator that at
    0600 hrs, 24 May 2002, Huinga-1B was pulling out of the hole for a
    new bit at a depth of 3936 metres.

    Mud gas shows, several multiples above background, with readings up
    to C5 (pentane), continue to be recorded down to the present depth,
    with weak fluorescence and cut again noted in several zones down to
    the current depth. Although these shows may not represent specific
    hydrocarbon accumulations, they are positive indications for the
    prospectivity of the well.

    The well is being drilled to intersect the Tariki sandstone
    objectives at a depth of approximately 3900 metres, and has a planned
    total depth of 4250 metres. The well has been deviated to intersect
    the Tariki and Kapuni formations some 500 metres to the west of the
    surface well collar. Drilling of Huinga 1B is expected to take 45
    days from spud.

    The operator has estimated that the potential mean recoverable
    reserves for the Tariki Sandstone reservoirs in the Huinga prospect
    are 46 million barrels oil and 161 billion cubic feet gas. A
    discovery of this magnitude would add significant value to the
    Company.

    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/Kaurioil 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. The primary producing zone of the Rimu/Kauri
    fields are units of the Tariki Formation.

    Of further encouragement was the presence of a 30 metre gross/6 metre
    net, hydrocarbon column in Kapuni Formation sands immediately below
    the basement thrust, in the recently drilled Makino 1 well. The
    Huinga well is expected to intersect the Tariki reservoir section
    considerably "up-dip" (at a shallower structural depth) to the
    Makino 1 well. Four kilometres immediately to the west of Huinga are
    the Tariki and Ahuroa oil and gas fields which produce from the
    Tariki formation.

    Huinga 1B commenced re-entry: 8 April 2002.

    Location of well: NZMG: 2 631 910.93 mE.
    6 205 424.34 mN.

    Operation since last report: Drilled ahead in 216mm hole from
    3776m to 3936m.

    Drilling Rig: Parker Rig - 188.

    Proposed Total Depth: 4,250 metres.

    Primary Objectives: Sandstone units of the Tariki
    Formation at 3900m.

    Secondary Objectives: Sandstones units of the Kapuni Group
    at 4080m.

    Hydrocarbon indications Mud gas shows up to C5 in numerous
    since last intervals down to 3936m, with weak
    report: fluor & cut in some shallower
    intervals.

    Note: All reported depths are referred to the rig rotary table
    (mAHBRT).

    (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) Limited7.30%

    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: [email protected]

    It is advised in accordance with Australian Stock Exchange Limited
 
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