VPE 0.00% 41.5¢ victoria petroleum nl

We're there..........hopin....

  1. Yak
    13,672 Posts.
    VICTORIA PETROLEUM NL 2002-06-06 ASX-SIGNAL-G

    HOMEX - Adelaide

    +++++++++++++++++++++++++
    Victoria Petroleum NL has been advised by the Operator for the
    Vallecitos Oil Field Development Project, Trio Petroleum Inc, that
    the Vallecitos West-1 well has drilled to 1073 metres and is
    currently preparing to run wire line electric logs to evaluate the
    section drilled to date to determine the forward work program for the
    well.

    Vallecitos West-1 is the second well of Victoria Petroleum's ongoing
    2002 California drilling program.

    Vallecitos West-1 is an appraisal well to test the high side fault
    block immediately adjacent to the currently producing Vallecitos Oil
    Field.

    The Vallecitos West fault block is interpreted to have the potential
    to contain up to 5 million barrels of recoverable 36 degree API oil
    and 3.5 billion cubic feet of gas in the target Yokut Sand, if oil is
    present.

    Victoria Petroleum NL considers the Vallecitos West-1 well drilling
    to be developmental in nature, with the potential for oil to flow
    from the target horizon considered encouraging in view of the oil
    flows of up to 712 barrels of 36 degree API oil per day observed in a
    well drilled in 1957 in the Vallecitos Field, 0.5 kilometres to the
    west of the Vallecitos West-1 location.

    Well Name: Vallecitos West-1 (F & 16-31 RD)
    County: San Benito
    Reservoir Targets: Yokut Sand
    Time of Reporting: 0600 hours, 5th June 2002,
    California Pacific Time
    Well Depth: 1073 metres
    Operations last period: Drilling.
    Operations next 24 hours: Run wire line electric logs

    Victoria Petroleum NL has a 22.5% working interest in the Vallecitos
    West-1 well through its wholly-owned subsidiary Victoria Petroleum,
    Inc.

    Any oil discovered in the Vallecitos West-1 well and Vallecitos West
    fault block is commercially very attractive as the existing
    Vallecitos Oil Field production facilities are within 400 metres of
    the Vallecitos West-1 well site.

    J Kopcheff
    MANAGING DIRECTOR

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



 
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