Victoria Petroleum’s slump may soon be over

Has the long drought ended in the Victoria Petroleum NL camp?

This is the question on the minds of analysts watching the current round of exploration by VicPet and its United States affiliate, Kestrel Energy Inc.

At the moment the limelight is focus on the drilling of Cardart-1, which spudded late in November in New Caledonia, where VicPet and partner Sun Resources NL are partially free carried and each hold 25.41 per cent equity.

The proposed target depth of Cardart-1 is 1500 metres to test the oil and gas potential of the Gouaro Anticline, a surface anticline estimated from seismic interpretation to have a likely case potential to contain 592 million cubic feet of gas or 369 million barrels of oil up to a maximum of 1.5 trillion cubic feet of gas or 952mmbo, if hydrocarbons are present.

VicPet is operator of PRA 436, a joint venture with US investor clients of Monoco Petroleum, Inc.

VicPet managing director John Kopcheff said prospects for the well are “encouraging” following hydrocarbon shows seen in shallow drilling, seismic anomalies possibly indicating the presence of hydro-carbons, and the upgrading of the oil and gas potential of the New Caledonia Basin, where the world’s largest deposit of gas has been discovered by the French Government.

This latest discovery puts a large field only 240 kilometres off the western coast of New Caledonia and some 562m below the surface of sea.

This drilling is running in close tandem with other developments in the US in the hydrocarbon-rich province of the San Joaquin Basin in California, and the Wyoming Green River Basin, one of the Rocky Mountain region’s most prolific

natural gas producing areas.

In August Kestrel spudded the UPRC#27 well in the Green Canyon prospect, where wireline logs indicated its primary objective as containing 17 metres of gross sandstone, with 7.9m of net pay. The well is being worked with fracture stimulation and production testing.

In the San Joaquin Basin, Kestrel is currently seeking farm-in partners to drill three prospects, including Pipedream which lies within Ekho prospect. A US and Canadian consortium will drill Ekho this month.

Mr Kopcheff said this will be of great significance to the joint venture by providing an effective free evaluation of Pipedream’s prospects.

(Disclosure: The writer holds shares in VicPet).

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