TEXAS: Victoria announces completion of shallow drilling program

Victoria Petroleum N.L. (Vicpet) has been advised by the Houston based operator Wandoo Energy LLC, thatdrilling operations on the three programmed wells within the second phase of the shallow drilling program of the Margarita Gas Exploration Project have concluded.

Drilling of these last three wells resulted in 2 commercial gas discoveries which have been or are currently awaiting connection to gas sales lines. The discovery wells were Dona Carlota and Agavero with an interpreted gross recoverable resource of 1.3 billion cubic feet of gas. The Climaco well was plugged and abandoned after penetrating the objective section and encountering gas shows, however the gas shows were determined to be non commercial after running wire line logs. The table below summarizes flow rates and the status of these phase 2 wells.

Victoria Petroleum NL and Wandoo Energy LLC have developed further shallow and deep gas prospects within the Margarita Gas Exploration Project area. Commenting on the Margarita Gas Exploration Project outcome, John Kopcheff, managing director of

Victoria Petroleum NL said: “Vicpet is pleased that we have had a commercial success rate of 50% from the six wells drilled in this program with three wells connected or to be connected very shortly to gas sales lines”

“The anticipated cumulative gross sales gas flow rates of 2.3 million cubic feet per day from these three wells will provide an attractive cash flow at current US gas prices

Via: Scandinavian Oil & Gas

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