VPE 0.00% 41.5¢ victoria petroleum nl

Testing to begin

  1. 1,812 Posts.

    HOMEX - Adelaide

    Victoria Petroleum NL has advised by the Operator for the San Antonio
    Exploration Project, Trio Petroleum Inc, that preparation for
    completion and testing operations to begin production testing of the
    significant oil and gas shows encountered in the Vacqueros Sand
    interval and the Monterey Formation commenced at the San Antonio-1
    well site on 24 May 2002.

    The test of the Vacqueros Sand will be the first of several tests in
    the cased hole testing program for San Antonio-1 to evaluate the oil
    and gas production potential of the Vacqueros and Monterey

    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 38 deg 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.

    * 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.

    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

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