Victoria Petroleum N.L. (Vicpet) as operator for the PEL 111 Joint Venture advises that Century Drilling Rig #3 is currently being assembled on the Snatcher-1 exploration well site in PEL 111. Snatcher-1 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. It is anticipated that Snatcher-1 will commence drilling on 14 June 2009.

The Snatcher Prospect is situated on the Western Margin Oil Trend, with Snatcher-1 a test of whether oil can be stratigraphically trapped within seismically interpreted discrete sand bodies in channel systems present within the Jurassic Birkhead Formation. Sands of the Birkhead Formation are the producing horizon for the Growler Oil Field, 10 kilometres to the south west.

Snatcher-1 is located in the mid portion of PEL 111. The Snatcher Prospect is within one kilometre of the Santos Charo Oil Field, 6 kilometres north of the Tigercat-1 and Warhawk-1 oil discoveries in the adjacent PEL 104 and 10 kilometres north-east of the Growler Oil Production Facility in PRL 15, currently producing 868 barrels of oil per day.

Snatcher-1 is being drilled to partly satisfy the PEL 111 Year Five work commitment of three exploration wells. Snatcher-1 is planned to be drilled to a measured total depth of 1,871 metres in 15 days. Daily drilling reports will be provided to the ASX.

Commenting on the Snatcher Prospect and drilling of Snatcher-1, Vicpet managing director John Kopcheff said: “Vicpet is confident that the Western Margin Oil Trend within PEL 111 and the adjoining permit PEL 104 will prove up with continuing drilling to be a major new oil province. The drilling of Snatcher-1 will provide a test of an exploration concept supporting this premise.”

The participants in the drilling of Snatcher-1, PEL 111, PEL 104 and PRL 15 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%

Tags: Victoria Petroleum N.L.