Monday, October 26, 2009

COMMENCEMENT OF DRILLING AT SNATCHER-3 PEL 111, SOUTH AUSTRALIAN COOPER BASIN

Victoria Petroleum N.L. (Vicpet) 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%

No comments: