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S.Antonio - Testing Starts

  1. 119 Posts.
    Commencement of Prod Testing Ops at San Antonio-1

    Document date: Thu 01 Aug 2002 Published: Thu 01 Aug 2002 13:04:38
    Document No: 133868 Document part: A
    Market Flag: Y
    Classification: Progress Report
    VICTORIA PETROLEUM NL 2002-08-01 ASX-SIGNAL-G

    HOMEX - Adelaide

    +++++++++++++++++++++++++
    Victoria Petroleum NL has been advised by the Operator for the San
    Antonio Exploration Project, Trio Petroleum Inc, that fracture
    stimulation and testing operations of the significant oil and gas
    shows encountered in the Vacqueros Sand and the Monterey Formation
    over a cumulative interval of 283 metres commenced at the San
    Antonio-1 well site on 24 July 2002.

    The fracture stimulation of the Vacqueros Sand and Monterey Formation
    taking place in cased hole to evaluate the oil and gas production
    potential of the Vacqueros and Monterey Formations is expected to
    continue over the next 15 days.

    Results of the production stimulation operations will be provided by
    the Operator at the completion of this program.

    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 500
    barrels of 38Deg API oil per day cutting 20% water observed in a down
    dip 1983 well drilled on the flanks of the San Antonio anticline five
    kilometres to the northwest of the San Antonio-1 location.

    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, depending on the results of the current production
    testing program.

    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.

    Victoria Petroleum NL has a 5%* working interest in the San Antonio-1
    well through its wholly-owned subsidiary Victoria Petroleum, Inc.

    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.

    Victoria Petroleum NL is very encouraged by the drilling results from
    San Antonio-1, the first well of Victoria Petroleum's ongoing 2002
    California drilling program.

    J Kopcheff
    MANAGING DIRECTOR
    Victoria Petroleum NL

    For information on Victoria Petroleum NL drilling activities visit
    our website at www.vicpet.com.au

    * 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%.
 
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