PCL 0.00% 0.5¢ pancontinental energy nl

PCL-Oil for Sale, page-3

  1. 1,747 Posts.
    Sorry,

    I forgot to attach the announcement,anyhow,here it is.

    Regards M.

    PANCONTINENTAL OIL & GAS NL 2002-07-29 ASX-SIGNAL-G

    HOMEX - Perth

    +++++++++++++++++++++++++
    EP 38716, TARANAKI BASIN PANCONTINENTAL: 6.6%

    All down-hole completion operations have been completed and the rig
    was released on 28th July.

    The Company will resume releases to the ASX once production test
    results are available.

    Production tests are scheduled to commence in one to two weeks,
    following the assembling of surface testing, storage and separation
    equipment. After initial clean-up flows from the Kapuni sandstone and
    Murihiku fracture zone intervals, and acid treatments, each zone will
    then be now tested individually for up to 7 days.

    These tests will provide 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 withinthe Murihiku Group metasediments.

    Sales contracts for oil produced during the testing program have been
    completed by the Joint Venture on an interim basis, with options to
    extend once specific volumes are defined by the testing program.

    During the recently completed open hole drill stem test (DST # 1) of
    Kapuni sandstones, although gas was flared at the surface, oil did
    not reach the surface as the test string became plugged with sediment
    debris during early stages of the flow period. The duration of the
    flow period from the down-hole pressure gauges indicated that with no
    plugging, a pro-rata of the 21 barrels oil and other produced fluids
    would represent minimum flow rates of 700 barrels per day. When
    allowed to clean up and stabilize, flow rates historically improve
    over the course of a test period.

    It was known prior to the DST that the ability of the Kapuni
    sandstones to flow would be reduced by exposure to lost circulation
    material (LCM) present in the mud during drilling and subsequent
    operations. The negative effects of LCM materials are designed to be
    markedly reduced with a hydrochloric acid wash. The Kapuni zone will
    therefore be re-tested to determine the enhanced oil production rates
    after running casing, performing, and conducting the acid wash
    procedure. The Murihiku fractured zone, because of the severe lost
    circulation problems encountered while drilling, is expected to flow
    at much higher rates than the Kapuni interval.

    The production tests will also assist in substantiating the
    interpretation of a (minimum) 237 meter gross oil column from 4263m
    down to 4500 metres. The DST#1 over the 4370-4428 meter Kapuni
    sandstone interval recovered oil from the middle of that gross
    interval. The top of the Kapuni Group is interpreted at 4378 meters.

    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.

    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: Run and set upper packer and
    production tubing; Hang off tubing and install wellhead after
    removing BOP's. Release rig. Commence rigging down operations.

    Drilling Rig: Parker Rig - 188.

    Proposed Total Depth: 4,500 metres.

    Primary Objectives: Fracture zones within the Murihiku
    Group. Sandstones units of the Kapuni Group.

    Last hydrocarbon indications: Gas to surface, 21 barrels of 42 gravity
    API, yellow to dark brown oil recovered during drill stem test (DST
    #1) of 4370-4428m open hole interval.

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

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

    *Pancontinental 0il & 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 GmbH24.00%

    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
 
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