Victoria Petroleum N.L. (Vicpet) as operator for the PEL 111 Joint Venture advises the operation at 0600 hours today at the Snatcher-2 exploration well was preparing to release the drilling rig after the completion of the running of wire line logs and the cementing of 7 inch production casing at a depth of 1,822 metres.

Wire line logs have confirmed the good oil shows observed in the Birkhead Sandstone core over the 15 metre interval from 1,768.8 -1,783.8 metres and the total drilled and cored gross oil show interval of 18.8 metres observed from 1,765 -1,783.8 metres. Net oil pay of 13 metres is indicated from an initial interpretation of the wire line logs.

It is anticipated that Short Term Production Testing (STPT) will be carried out in mid October 2009 at Snatcher-2 to determine the potential oil flow rate for the well, following the completion of Extended Production Testing (EPT) at the adjacent Snatcher-1 oil discovery.

The Snatcher Oil Field is situated on the Western Margin Oil Trend, with Snatcher-2 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 for Snatcher-2 produced oil from the recent Snatcher-1 oil discovery, 899 metres to the south east of Snatcher-2 at a rate of 218 barrels of oil per day.

Commenting on the oil discovery in the Snatcher-2 exploration well, Vicpet managing director, John Kopcheff, said: “Vicpet and the Joint Venture is pleased to have discovered another oil pool in the Birkhead Sandstone within the 3D seismically defined Snatcher Channel. This gives us confidence for future oil discoveries in other seismically defined Birkhead Sandstone channels that the currently being processed Mollichuta 3D seismic may define over its 268 square kilometres within PEL 111 and PEL 104.”

“Vicpet looks forward to the results of the Extended Production Testing at Snatcher-1 and Short Term Production Testing planned for Snatcher-2”

Tags: Victoria Petroleum N.L.