OilVoice - Vicpet Reports Gas & Oil Shows in Airacobra-1, in South Australian Cooper Basin

Vicpet Reports Gas & Oil Shows in Airacobra-1, in South Australian Cooper Basin

Monday, January 04, 2010

Victoria Petroleum N.L. (Vicpet) as operator for the Airacobra-1 exploration well advises that drilling operations recommenced on 2 January 2010 and the current operation is drilling ahead in the Epsilon Permian Formation at 2,043 metres towards the target Patchawarra sands, oil and gas productive in the adjacent major Permian oil and gas fields.

Good to fair gas and oil shows have been observed in Permian Epsilon sands over the interval 2,010 to 2,016 metres. The full significance of these gas and oil shows will be further evaluated by wire line logs to be run after the well has drilled to total depth of 2,340 metres.

Airacobra-1 is being drilled as an exploration well to test the oil bearing potential of the Jurassic and Permian formations in the 3D seismically defined Airacobra Prospect.

The participants in the drilling of Airacobra-1 and their respective interests during the drilling of the Airacobra -1 farmin well and in PEL 115 following the completion of drilling will be as follows;
Victoria Petroleum N.L. (Operator) 33%
Monitor Energy Limited 42%
Lion Petroleum Pty Ltd. 25%

The farmin by Monitor and Lion into PEL 115 provides Vicpet with a no cost 33% interest through the drilling of Airacobra-1.

The farmin is subject to the approval of the regulatory authorities.