+++++++++++++++++++++++++ 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
VPE Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
