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Positive announcement!

  1. 1,533 Posts.
    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
 
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