CPC carpenter pacific resources limited

the good oil

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    CARPENTER PACIFIC RESOURCES NL 2003-06-12 ASX-SIGNAL-G

    HOMEX - Perth

    +++++++++++++++++++++++++
    MAARI OILFIELD DEVELOPMENT UPDATE SIGNIFICANT INCREASE IN EXPECTED
    RECOVERABLE RESERVES.

    The board of Carpenter Pacific Resources NL (ASX code "CPC") wishes
    to make the following announcement regarding its interest in the
    Maari Oilfield development held via Delta Oil Taranaki Pty Ltd
    ("Delta") - a wholly owned subsidiary of Carpenters 50% owned joint
    venture company Delta Oilfield Developments Limited.

    OMV New Zealand Limited as Operator of licence PEP38413 in the
    offshore Taranaki Basin, New Zealand has recently completed a
    volumetric analysis of the primary Moki Formation reservoir in the
    Maari Oilfield incorporating the results of the Maari-2 appraisal
    well. This analysis indicates:

    OIL-IN-PLACE

    * The positive results of the Maari-2 appraisal well have added
    approximately 45 million barrels to the P50 estimate of the Moki
    Formation oil-in place.

    * The new P50 oil-in-place estimate is 136 million barrels
    approximately 45% higher than the pre-drill estimate.

    * This increase has been largely due to a re-definition of the
    fields most likely OWC to 1,327m TVDss, some 7m TVDss deeper than
    that previously estimated (it should be noted that the determination
    of this OWC position within a small error range was one of the
    principle objectives of the Maari-2 well). In addition, as previously
    reported the Maari-2 well came in 12m higher than prognosis and
    encountered better reservoir quality than expected in the southern
    part of the field.

    PRELIMINARY RECOVERABLE RESERVES

    * As a result of this increase in the Moki Formation P50
    oil-in-place, the expected recoverable reserves for the field have
    also increased.

    * A preliminary assessment indicates that the P50 recoverable
    reserves in the Moki formation are between 40 and 45 million barrels,
    compared with the pre-drill estimate of between 30 and 35 million
    barrels.

    Deltas net share of this new P50 recoverable reserve is between 2
    and 2.25 million barrels.

    In addition, it is important to note that these reserve estimates
    do not include any contribution from the thicker than expected M2A
    sand at the Maari-2 location (17m net oil), or the deeper Eocene
    Mangahewa oil & gas pool in the Maari structure.

    Dave R.
 
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