PCL 25.0% 0.2¢ pancontinental oil & gas nl

We've Definately got Oil

  1. 1,747 Posts.
    The text of PCL's quarterly report with regard to Huinga 1b is very positive so i will post an extract here.

    I think we'll be in the money in a couple of weeks if not before.

    Regards M.



    NEW ZEALAND PERMITS

    PEP 38716 ONSHORE TARANAKI BASIN

    Pancontinental Oil & Gas NL – 6.6%

    The PEP 38716 Joint Venture re-entered and commenced the deepening of the Huinga 1B well on 8 April. At the time of this report, the well had reached a total depth of 4500 metres. Casing has been run and cemented to 4426 meters and preparations to conduct production tests of the Kapuni sandstone and Murihiku fracture zone intervals had commenced, with flow testing due to start in early August.


    In addition to several zones with strong gas shows at shallower depths, live oil, with associated gas shows was recorded over a minimum 237 meters gross interval from 4263 meters down to the total depth of 4500 meters. Strong oil and gas shows were still present at 4500 meters, but due to safety considerations relating to chronic lost circulation zones, drilling was terminated in order to run and cement casing to stabilise and protect the hole. Subsequent attempts to drill deeper were not successful because of adverse down hole conditions and casing could only be set to 4426 meters.


    A drill stem test over the 4370 to 4426 meter open hole Kapuni sandstone interval flowed gas to the surface and recovered 21 barrels of 42 degree API oil and 69 barrels of mud and filtrate over a 3 hour 15 minute flow period. The flow period was prematurely terminated by rock debris plugging the test tools. With no plugging, and flows allowed to clean up, minimum flow rates in excess of 700 barrels of oil per day would have been expected.


    The long term production testing program is scheduled to commence in early August, and will provide primary reservoir engineering data on the flow potential and reservoir characteristics of the Kapuni sandstone and Murihiku fracture reservoirs.


    In order to gain an accurate reserves estimate for the Huinga oil discovery, existing seismic structure maps at the levels of the main reservoirs will have to be revised and that information integrated with the reservoir engineering data from the production tests.


    Given the current positive results at Huinga, and the earlier discovery at Makino 1 in the adjacent permit to the south, the probability of a major resource in the Huinga, Huinga South and the Huinga northern extensions of the Makino prospect in PEP 38716 has been significantly increased. In turn, the Makino discovery is on trend and immediately north of the major Rimu/Kauri oil and gas discoveries in Tariki sandstone and limestone reservoirs.



 
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