nice recent gains for BOW. Not much of a reaction to this very positive news though.
Victoria Petroleum NL announced the first well drilled under the ATP 752P farmin agreement with Santos Ltd and Avery Resources (Australia) Pty Ltd has been completed as an oil producer from the Murta Formation with 5.5 inch production casing run, set and cemented to a depth of 2,401 metres. Santos is the operator for the ATP 752P farm-in drilling and seismic program.Following good oil shows in a well developed Murta sand over the interval 1,623 -1,631 metres, wire line logs have confirmed a net pay interval of 6 metres over the gross 8 metre interval from 1,622 – 1,630 metres.
It is anticipated that the well will be brought into production in early third quarter 2008 with oil being transported through existing infrastructure operated by Santos.
The Cuisinier 1 oil discovery is 6.2 kilometres west of the Santos operated Cook Oil Field.As per the ASX release of 17 October 2007, the ATP 752P farmin earning program consists of up to 7 oil exploration wells and a minimum of 300 square kilometres of 3D seismic data to be carried out in the Wompi and Barta blocks which make up ATP 752P.
Vicpet will be fully carried for the 7 wells and all new seismic data acquired under the staged farm-in arrangements and retain 15pct working interest on completion of the farm-in.
The next well to be drilled in the Santos/Avery farmin program in the Barta Block, Hudson 1, is planned to commence drilling in June 2008. Hudson1, 20 kilometres to the south west of Cuisinier 1, will test a seismically defined prospect with the potential to contain a recoverable oil resource in the most likely range of 1.2 million barrels up to a P10 of 10 million barrels.
Santos/Avery Resources acquiring 85%, Vicpet to retain 15%, Bow Energy, Vicpet fully carried for the seven wells.