OilVoice - Vicpet Announces Production Start-up from Snatcher Oil Field in South Australia

Vicpet Announces Production Start-up from Snatcher Oil Field in South Australia

Friday, December 18, 2009

Victoria Petroleum N.L. (Vicpet) as operator for the PEL 111 Joint Venture is pleased to advise the start up of oil production from the Snatcher-1 and Snatcher-2 oil discoveries with their connection to the temporary Snatcher oil production facility.

Over the next few days, subject to weather, the wells will move from free flow to increased production with the commissioning of the artificial lift beam pumps that have been installed. A further announcement on the stabilized flow rates on artificial lift from the Snatcher-1 and Snatcher-2 wells will be made when the production data is at hand.

The Snatcher Oil Field is situated on the Western Margin Oil Trend, with the Snatcher-1 and Snatcher-2 wells producing oil from a channel system present within the Jurassic Birkhead Formation. The Snatcher-3 oil discovery will be placed on production in the first quarter of 2010.

The participants in the Snatcher Oil Field and PEL 111 and their respective interests through their wholly owned subsidiaries are as follows;
Victoria Petroleum N.L. (Operator) 60%*
Impress Energy Limited 40%

*Subject to the approval of the regulatory authorities and Vicpet shareholders, Vicpet has increased its interest from 40% to 60% with the acquisition of Permian Oil Pty Ltd.