Vic-Pet seeks 50-50 partner for project

Perth-based Victoria Petroleum NL plans to test its New Caledonia gas play in September by drilling a well, subject to a farmout of equity.

By paying 50 per cent of the 49 kilometre seismic programme over the Gouaro Anticline in October 1995, the company has the option to earn a 50 per cent interest in PRA 436 prospect.

The Gouaro Anticline is a surface anticline estimated from interpretation of the 1995 seismic data to have the most likely case potential to contain 592 billion cubic feet of gas or 295 million barrels of oil up to a maximum of 1.5 trillion cubic feet or 1 bbo, if hydrocarbons are present. Cadart-l is planned to be drilled to a depth of 1500 metres.

VicPet managing director John Kopcheff said a major ready market for gas at very attractive prices is available in the adjacent industrial and nickel refining operations in New Caledonia. He anticipates that in the event of a successful farmout the company will have an effective free-carried interest of 16.5 per cent through the drilling of Gouaro-l.