PCL 0.00% 0.2¢ pancontinental oil & gas nl

PCL - Two wells under way

  1. 1,747 Posts.
    Hi All,

    It's worth taking an interest in Pancontinental now for the high probability that either or both of the two wells now under way will change the fortune of the company.
    Huinga 1 is already showing hydrocarbons.
    Waingaromia is to spud on 8 May02 and is likely to hit oil and gas at 500m.
    The announcement follows.

    Regards M.


    HOMEX - Perth

    +++++++++++++++++++++++++
    PEP 38716, Taranaki Basin Pancontinental: 6.6%

    Pancontinental Oil & Gas NL has been advised by the operator that at
    0600 hrs, 30 April Huinga 1B was at a depth of 2813 metres and is
    preparing to drill ahead after running and cementing casing to a
    depth of 2810 metres, installing and testing the blow-out preventers
    and conducting pressure leak-off tests.

    As reported previously, encouraging mud gas shows, several multiples
    above background, with readings up to C5 (pentane) have been recorded
    in numerous intervals from 1629 metres down to the present depth and
    weak fluorescence and cut was noted in zones below 2590 metres 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 predicted depth of 3840 metres, and has a planned
    total depth of 4250 metres. The well will be deviated to intersect
    the Tariki and Kapuni formations some 500 metres to the west of the
    surface well collar. Deepening 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/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. 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 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, in the adjacent
    anticlinal trend, are the commercial 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 311mm hole
    to 2813m ran and cemented
    casing to 2810m, installed
    and tested BOP's, conducted
    pressure tests.

    Drilling Rig: Parker Rig - 188.

    Proposed Total Depth: 4,250 metres.

    Primary Objectives: Sandstone units of the Tariki
    Formation @ 3840m.

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

    Hydrocarbon indications: Mud gas shows up to C5 in
    various intervals below 1629m
    to 2816m; weak fluor & cut
    2590m to 2813m.

    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 6.6%
    (through subsidiary Euro Pacific Pty Ltd)

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

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

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

    PEP 38330, East Coast Basin, NZ. Pancontinental: 38.22%

    The Company has been advised by the operator that construction of the
    access road and drill-site for the Waingaromia 2 well have proceeded
    as planned, with the Century Rig 45 scheduled to leave Auckland on 3
    May for the location. The Joint Venture expects that the well will be
    spudded on 8 May.

    Waingaromia will be drilled to a minimum depth of 500 metres to test
    theoil and gas bearing zones intersected in the 1880's Waingaromia 1
    well. Flows of oil and gas to the surface at Waingaromia 1 were
    ignited by the boilers and the rig destroyed by fire.

    Potential recoverable oil reserves of the Waingaromia prospect are
    estimated at 10 million barrels for the sands intersected by the
    Waingaromia 1 well.

    Enquiries:

    Andrew Svalbe
    DIRECTOR, CEO.

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

    It is advised in accordance with Australian 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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