Life proves a gas for Sun

MONOCO Petroleum and its WA partners have reported encountering strong gas shows at 736 metres and oil shows at the interval 781-803 metres in the Cardart-1 well in New Caledonia.

The joint venture has also been encouraged by the offshore discovery by the French government of a gas field alleged to be the largest in the world.

Perth-based Sun Resources NL and Victoria Petroleum NL, through farmout to United States private investor clients of Monoco, each have a partially free-carried 25.3 per cent equity in the Cardart-1 well which is being drilled at a cost of US$1.2 million.

VicPet managing director John Kopcheff said this proved the

presence of hydrocarbons in the Cardart prospect.

“The risk is in the reservoir,” Mr Kopcheff said.

Sun Resources managing director Dr Brad Farrell described the target as a “very highly prospective fractured basin”.

“We are probably looking at what would be the edge of the basin,” Dr Farrell said.

“There is a lot of smoke there. We have got a good infrastructure confirmed by seismic and evidence of hydrocarbons in the vicinity.”

He said, if successful, the rig will be backtracked and another well drilled on the same prospect.

Rock samples collected to the north of the site along the coast have been analysed and discovered to contain hydrocarbon globules.

Dr Farrell said New Caledonia has excellent infrastructure and offers an immediate large energy market for any hydrocarbon discovery.

The area contains 25 per cent of the world’s nickel reserves and nickel production. This includes the $1.5 billion nickel development by Falconbridge.

Sun Resources’ September quarterly says the Cadart prospect has been matured for drilling by structural mapping, seismic and soil geochemistry.

The target is a three-way dip closed fault block within an anticlinal structure central to a large soil hydrocarbon geochemical anomaly. The seismic shows a flat spot and amplitude anomalies associated with the target formations in the structure.

“These features are usually direct indicators of hydrocarbons,” Dr Farrell said.

Spectral analysis of the seismic data, a new exploration tool, independently suggests the presence of hydrocarbons in the target reservoir.

He said abundant oil and gas showings in seal lithologies in two off-structure 1950s wells provide evidence of hydrocarbon migration into the anticline and the premise for a large target at 1,230 to 1,330 metres depth, in possible reservoirs of late Cretaceous to early Tertiary age flysch sand and fractured chert sediments.

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