HDR hardman resources limited

twin lions are next!!!

  1. Yak
    13,672 Posts.
    NORWEST ENERGY NL 2003-01-28 ASX-SIGNAL-G

    HOMEX - Perth

    +++++++++++++++++++++++++
    Norwest Energy NL advises that the Cliff Head 3 side tracked core
    hole has been production tested at a stabilized rated, which the
    operator has advised was constrained by surface facilities, of 3,000
    barrels of oil per day (BOPD) though a 28/64 inch choke and a down
    hole electrical submersible pump ("ESP").

    Cliff Head 3 side tracked core hole was tested over a total 27 metre
    net interval, between 1,280.5 to 1,288 and 1,291 to 1,310.5 metres
    below rotary table. Testing in these Permian Aged sandstones is
    equivalent to 1,213 to 1,220 and 1,223 to 1,242 metres subsea true
    vertical depth. On test, the well flowed 33.3 degree API oil with a
    gas oil ratio ("GOR") of 100 cubic feet per barrel. Testing was
    undertaken using an ESP with several different choke sizes and a
    variety of stabilized rates up to a maximum of 3, 000 barrels of oil
    per day through a 28/64 inch choke. The test, consisting of a
    sequence of flow and shut in periods designed to measure flow rates
    and pressure build up data, was conducted over a three day period
    from the 25th to 27th January 2003.

    Norwest is excited by this encouraging result from the Cliff Head
    production test. Preliminary data collected from all four wells
    drilled into the Cliff Head Oil Fields, indicates that the Cliff Head
    3 sidetracked cored hole intersected the poorest quality reservoir
    intersected.

    As of 6am (Western Standard Time) today the test string was being
    pulled ahead of rig release. Operations on this well are expected to
    be completed during the week and Norwest will keep the market fully
    appraised of operations.

    Subsequent to testing Cliff Head 3, and regardless of these very
    encouraging test results, the well will be plugged and abandoned as
    planned because it is more economical to do so. This allows for the
    most optimal location of any production facilities that may be
    required it the field is put on production and minimizes re-entry
    costs.

    Cliff Head 3 is the first of at least 3 exploration and appraisal
    wells to be drilled by the Ensco 53 jack up during the 1st Quarter
    2003 in both WA-286-P and adjacent TP/15. A number of contingent
    wells are planned depending upon the results of the firm drilling
    programme. As such the total number of wells to be drilled will be
    determined as the programme progresses.

    Upon release from the Cliff Head 3 location, the Ensco 53 Jack up
    drilling rig is scheduled to drill Twin Lions 1 in the adjacent TP/15
    permit. The Twin Lions structure is situated about 5 kilometres to
    the north-northeast of the Cliff Head Oil Field and is geologically
    similar, forming part of the same trend.


    If Twin Lions 1 is successful, it is likely that a second well will
    be directionally drilled from the number 1 location to test the
    extent of any hydrocarbons westward into WA-286-P.

    FIRM WELLS

    WELL PERMIT POTENTIAL EQUITY
    (mm bbl IN PLACE)

    Cliff Head 3 WA-286-P 80-100 5.0%
    Twin Lions 1 TP/15 360 10.0%*
    Mentelle 1 WA-286-P 50 5.0%

    * paying 20% plus testing capped

    Please Note: Norwest plans daily report during the drilling of these
    wells and hence will keep the market fully appraised.


    The WA-286-P Joint Venture comprises: EQUITY

    Westranch Holdings Pty Ltd (a subsidiary
    of Norwest Energy NL) 5.0%
    Roc Oil (WA) Pty Ltd (Operator) 30.0%
    AWE Oil (Western Australia) Pty Ltd 27.5%
    Wandoo Petroleum Pty Ltd 25.0%
    ARC Energy NL 7.5%
    Voyager Energy Limited 5.0%


    The TP/15 Joint Venture comprises: EQUITY

    Westranch Holdings Pty Ltd (a subsidiary
    of Norwest Energy NL) 10.0%
    Hardman Oil & Gas Pty Ltd 30.0%
    AWE Oil (Perth Basin) Pty Ltd 25.0%
    Roc Oil (WA) Pty Ltd (Operator) 20.0%
    ARC Energy NL 5.0%
    Voyager Energy Limited 5.0%

    Bounty Oil and Gas NL 5.0%

    I Burgess
    CHIEF EXECUTIVE OFFICER AND DIRECTOR

    For further information, please contact: Ivan Burgess CEO/DIRECTOR
    Ph: 08-9228 8251
    E-mail: [email protected]
    Web Site: www.norwestenergy.com.au



 
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