Victoria Petroleum Update on Pinnacle West-1 Drilling, Surat Basin, Queensland

Source: www.gulfoilandgas.com 10/10/2005, Location: Not categorized

Victoria Petroleum NL has been advised by the Operator, Oilex NL that wireline logging at the Pinnacle West-1 well has confirmed that no significant hydrocarbons were encountered and plug and abandonment operations are underway. The drill rig is now moving to the Donga-3 location which is approximately 20 kilometres east of Pinnacle West-1.

Donga-3 is a 1,590 metre deep test of an interpreted up dip location of the basal Moolayember sandstone which recovered light sweet crude oil and high water rates in the Donga-1 and Donga-2 wells drilled in 1969 and 1979 respectively. Donga-3 also has secondary targets in the Hutton, Basal Evergreen and Boxvale sandstones and is expected to take nine days to drill. The anticipated spud date for Donga-3 in the next few days.

The Donga Prospect is interpreted from seismic data to have the potential to contain up to 3 million barrels of recoverable oil, if oil is present.

Victoria Petroleum N.L. is earning a total 15% interest in the Donga-3 well and the surrounding permit ATP 805P from Oilex N.L. and Bow Energy Limited.

Commenting on the drilling of Pinnacle West-1 and the forthcoming Donga-3, Victoria Petroleum NL’s, Managing Director, John Kopcheff said; “While Victoria Petroleum is disappointed with the exploration results from the Pinnacle West-1 wildcat exploration well, the presence of oil shows and oil recovery from the flanks of the Donga Prospect provide us with enthusiasm for a the good chance of an oil recovery in the next well to be drilled on the Donga Prospect by this rig, Donga-3”. “Victoria Petroleum is pleased to be drilling in an area that is known to be oil bearing where oil production is very profitable as the Moonie-Brisbane oil pipeline passes through the Surat Basin on its way to the Brisbane oil refinery.”

The Joint Venture participants in Donga-3 and the permit ATP 805P are as follows:
Victoria Petroleum NL 15.0%
Bow Energy Ltd 42.5%
Oilex NL (Operator) 42.5%


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