DRILLING REPORT FOR WALLOON COAL MEASURES COAL SEAM GAS PROJECT, PL 171, SURAT BASIN, QUEENSLAND.
Victoria Petroleum NL (Vicpet) has been advised by QGC Limited (QGC), a BG Group business and the operator for PL 171, that during the past week, following the running of five open hole drill stem tests over the Walloon Coal Measures in Paradise Downs-3, 7 inch production casing has been run and set to 479 metres.
The rig was released at 2200 hours on 5 February 2010. Paradise Downs-3 is the first well to be drilled by QGC in PL 171 in 2010. A follow on exploration, coring and appraisal drilling program of up to 12 wells is planned over the next 12 months. This drilling program is planned to continue the evaluation of the Coal Seam Gas (CSG) bearing potential and deliverability of the Walloon Coal Measures.
The aim of this initial and planned follow drilling over the next six months is to prove up an initial certifiable gross recoverable CSG reserve for PL171 by the end of 2Q 2010. The Walloon coals in the permit are interpreted to have a potential CSG resource in place of up to 1,000 PJ.
PL 171 is interpreted to be situated in the prime Walloon Coal Seam Gas fairway on the western side of the Surat Basin. Commenting on the coal seam gas drilling operations in PL 171, Vicpet managing director, John Kopcheff said: “Vicpet is pleased that the first well to be drilled in PL 171 in 2010 has been completedas a potential future CSG production well. A drilling program of up to 12 wells is planned for 2010 to evaluate PL 171’s interpreted resource of up to 200 petajoules (PJ) of gas in place net to Vicpet. The aim of the drilling program is to establish an initial 2P and 3P coal seam gas reserves base for PL 171.
“Added to Vicpet’s CSG interests in ATP 574P immediately to the south and the Don Juan Project to the west, Vicpet is confident of significant future value in its Surat Basin CSG holdings with its interest in a gross 2,700 PJ (~2.5 trillion cubic feet) in place CSG resource.”
Victoria Petroleum N.L. holds a 20% interest in PL 171.
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