Victoria Petroleum N.L. (Vicpet) as operator for the PEL 111 Joint Venture advises that the current operation at Snatcher-1 is running wire line logs after having drilled to a total depth of 1,880 metres.

Wire line logs and sidewall cores indicate a gross oil column of 14 metres over the interval 1,772 metres to 1, 786 metres with the majority of the gross oil column being net oil pay. Wire line formation sampling is in progress to obtain oil samples from the oil column for production engineering data.

The forward plan for Snatcher-1 is to complete the well as a producer with the Century Rig 3 drilling rig and then move the rig to the Snatcher-2 exploration well location, 899 metres to the north west of Snatcher-1.

Snatcher-1 was a successful test of 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.

Tags: Victoria Petroleum N.L.