VPE 0.00% 41.5¢ victoria petroleum nl

vpe - your thoughts

  1. 1,143 Posts.
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    I`d really appreciate peoples comments on today`s announcement.Particularly with the share price so flat.TIA

    Victoria Petroleum NL Quick Quote: X.VPE 0.03 (+0.01)

    Drilling Report for SanAntonio-1-CasedHoleTestingProgPlanned
    15/5/02 1:59:58 PM


    HOMEX - Adelaide

    Victoria Petroleum NL has been advised by the Operator for the San
    Antonio Exploration Project, Trio Petroleum Inc, that the San
    Antonio-1 well has reached a total depth of 3,025 metres with 5(1/2)"
    slotted liner run over the interval 2,883-3,025 metres to enable the
    testing of the oil and gas shows recordedin the Vacqueros Sand

    The drilling rig has been released with production testing of the
    Vacqueros Sand interval and the Monterey Formation to be carried out
    by a separate smaller completion and testing rig being prepared to be
    mobilised to the San Antonio-1 well site.

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

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

    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, if oil is present.

    Although Victoria Petroleum NL considers the San Antonio-1 well
    drilling to be exploratory in nature, 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 three kilometres to the northwest
    of the San Antonio-1 location.

    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.

    Well Name: San Antonio-1 (Anvil Bar #75-26)
    Basin: Salinas Basin
    County: Monterey Total
    Depth: 3,025 metres
    Reservoir Targets: Vacqueros Sand and Monterey Shale
    Time of Reporting: 0600 hours, 14th May 2002, California Pacific Time
    Well Depth: 3,025 metres
    Hydrocarbon Indications: Oil and gas shows in the Monterey and
    Vacqueros Sand intervals.
    Operations last period: Ran 5(1/2)" slotted liner from within 7"
    casing from 2,723 metres to 3,025 metres. Released main drilling rig
    from location.
    Future Operations: Carry out slotted liner test of Vacqueros Sand
    interval from 2,883-3,025 metres with a completion and testing rig
    being prepared to mobilise to the San Antonio-1 wellsite.

    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-l, 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.

    J Kopcheff
    Victoria Petroleum NL

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

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