Victoria Petroleum N.L as operator for the PEL 111 Joint Venture advises that Century Drilling Rig #3 commenced drilling of the Snatcher-3 exploration well in PEL 111 at 0700 hours today. Current operation was drilling surface hole at 23 metres.
Snatcher-3 is testing the oil bearing potential of the Snatcher Prospect adjacent to the Santos Limited operated Charo Field in PPL 177. The PPL 177 licence is wholly contained within PEL 111.
The Snatcher Prospect is situated on the Western Margin Oil Trend, with Snatcher-3 a test of whether oil can be stratigraphically trapped within seismically interpreted discrete sand bodies in channel systems present within the Jurassic Birkhead Formation.
The target sand in Snatcher-3 produced oil from the recent Snatcher-2 oil discovery, 787 metres to the south east of Snatcher-3 at a rate of 207 barrels of oil per day.
Snatcher-3 is planned to be drilled to a measured total depth of 1,850 metres in 10 days. Drilling reports will be provided to the ASX on a weekly basis and as significant events occur.
The participants in the drilling of Snatcher-3, Snatcher-2, and PEL 111 and their respective interests through their wholly owned subsidiaries are as follows;
Victoria Petroleum N.L. (Operator) 40%
Impress Energy Limited 40%
Permian Oil Pty Ltd. 20%
