OIL SHOWS IN WIRRAWAY-1, PEL 104, SOUTH AUSTRALIAN COOPER BASIN
Victoria Petroleum N.L. as Operator for the PEL 104 Joint Venture drilling Wirraway-1 in PEL
104 on the western margin of the South Australian Cooper Basin advises that at 0600 hrs
Central Standard Time today, the operation was conditioning the hole at a depth of 1,732.8
metres prior to pulling out of the hole to run open hole Drill Stem Test No. 1 to test good oil
shows observed in the target sands of the Birkhead Formation from 1,725 – 1,732.8 metres.
Commenting on the drilling at Wirraway-1, Victoria Petroleum NL’s (Vicpet) Managing Director John Kopcheff said:
“Victoria Petroleum is encouraged by the oil shows seen on our initial penetration of the target Birkhead sands. The full significance of the oil shows we are seeing will be subject to the results of the open hole drill stem to be carried out in the next 24 hours and wire line log evaluation at the end of the well.”
“Exploration success at Wirraway-1 would further confirm our belief that a new oil production province in the western part of PEL 104 and our adjoining PEL111 permit could be present.”
“Also in PEL 104 we have three prospects in the vicinity of the Wirraway Prospect, such as the Beaver and Warhawk prospects and a further nine similar prospects including Ascender and Liberator in the immediately adjacent permit to the north, PEL 111.”
“Wirraway-1 is also an important well for Vicpet as it is the first well in the 2007 eleven well exploration drilling program to take place over the next six months in Vicpet’s South Australian and Queensland Cooper Basin Permits”.
“Given the current industry exploration success rate of 45% in the Cooper Basin, Vicpet would expect to enjoy some degree of exploration success in Wirraway-1 as part of this eleven well drilling program.”
I qualify the above. Seems the shorter term resistance will be more around 63 ish. So, potential breakout between 55 and 63, then breakout at 65 IMO.Looks like the Chook's about to start crowing over this IMO.
SBM:
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