OIL production from Victoria Petroleum is expected to double after the company carries out an extended production test on its Mirage-1 and Ventura-1 oil discoveries in mid March.
The Mirage and Ventura field has a cumulative maximum potential of up to 2.8 million barrels of recoverable oil, an inference drawn from the current data.
Initial cumulative oil production is budgeted at 500 barrels of oil a day.
VicPet holds a 40 per cent interest in the two wells and its share would amount to 200 barrels of oil a day, which would double its current oil production to 400 barrels a day.
The company’s managing director John Kopcheff told the Australian Stock Exchange that the Mirage-1 well had been conservatively estimated to produce 300 barrels a day on free flow, although flow rates of up to 400 barrels a day were possible.