Drilling Report for San-Antonio-1 - Salinas Basin California
VICTORIA PETROLEUM NL 2002-04-26 ASX-SIGNAL-G HOMEX - Adelaide
+++++++++++++++++++++++++ Victoria Petroleum NL has been advised by the Operator for the San Antonio Exploration Project, Trio Petroleum Inc, that the San Antonio-1 well is preparing to drill ahead at 2,768 metres.
San Antonio-1 is the first well of Victoria Petroleum's ongoing 2002 California drilling program.
The San Antonio anticlinal Prospect is a dual target oil prospect interpreted to have the potential to contain up to 106 million barrels of recoverable oil in the target Vacqueros Sand and Monterey Shale horizons, if oil is present.
Although Victoria Petroleum NL considers the San Antonio-1 well drilling to be exploratory in nature, the potential for oil to flow from the target horizons is considered encouraging in view of the oil shows and oil flows of up to 206 barrels of 38deg API oil per day observed in a down dip 1981 well drilled on the flanks of the anticline three kilometres to the northwest of the San Antonio-1 location.
Further encouragement for the presence of oil in the San Antonio Prospect area is provided by adjacent production of 500 million barrels of oil from the San Ardo Field, 12 kilometres to the north.
Well Name: San Antonio-1 Basin: Salinas Basin County: Monterey Proposed Total Depth: 3,000 metres Reservoir Targets: Vacqueros Sand and Monterey Shale Time of Reporting: 0600 hours, 25 April 2002, California Pacific Time Well Depth: 2,768 metres Hydrocarbon Indications: Held confidential by Operator - not available for release. Operations last period: Drill ahead and trip out of hole for rig maintenance. Operations next 24 hours: Run back in hole, ream and drill ahead.
Victoria Petroleum NL has a 5%* working interest in the San Antonio-1 well through its wholly-owned subsidiary Victoria Petroleum, Inc.
* After the recovery of drilling and completion costs from production from San Antonio-1, Victoria Petroleum's contributing interests in ongoing development and production will be 3.75%.
Any hydrocarbons discovered in the San Antonio-1 well and prospect are commercially very attractive as an oil and gas pipeline runs within 400 metres of the San Antonio-1 well site.
J Kopcheff MANAGING DIRECTOR
For information on Victoria Petroleum NL drilling activities visit our website at www.vicpet.com.au
VPE Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held