VPE 0.00% 41.5¢ victoria petroleum nl

san antonio - 1 announcement

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    168 Posts.
    Perth, 12 August, OGT—Perth-based Victoria Petroleum is having success in the US with the San Antonio Exploration Project.

    The company has received advice from the Operator, Trio Petroleum, that following fracture stimulation operations the San Antonio-1 well was placed on pump production on 1 August 2003 and is producing an average of 135 barrels of 38º API oil per day from a total fluid production of 300 barrels of oil and water per day.

    The San Antonio anticlinal Prospect is a dual target oil prospect interpreted to have the potential to contain up to 40 million barrels of recoverable oil in the target Vacqueros Sand and Monterey Shale horizons.

    The San Antonio Oil Project area covers a 3,940 acre leased “Area of Mutual Interest” located in Monterey County, California.

    Oil produced from the current production testing program is being trucked to the 500 million barrel San Antonio Oil Field, 12 kilometres to the north.

    "At higher oil production rates, oil produced from the San Antonio-1 well and prospect will be commercially very attractive as an oil and gas pipeline runs within 400 metres of the San Antonio-1 well site," Victoria Petroleum said.

    The company has a 9.77%* working interest in the San Antonio-1 well through its wholly-owned subsidiary Victoria Petroleum USA, Inc.

    After the recovery of drilling and completion costs from production from San Antonio-1, Victoria Petroleum’s contributing interests and share of production in ongoing development and production will be 7.3275% in the San Antonio-1 well spacing unit and 5.53875% in the remaining San Antonio leasehold.

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