Victoria Petroleum N.L. (Vicpet) has executed a Letter of Intent with Santos Ltd (Santos) and Avery Resources (Australia) Pty Ltd (Avery) to expand the current ATP 752P Barta and Wompi Blocks farmin earning program from 3 to 7 wells plus 300 square kilometres of 3D seismic data.
The Barta and Wompi Blocks are adjacent to lands held by Santos which are the subject of the Santos Cooper Oil Project. The Santos Cooper Oil Project is the largest and most comprehensive Australian exploration and development program ever undertaken onshore consisting of a capital expenditure program in excess of $1.3 billion and incorporating large 3D seismic surveys and a large scale drilling program (1000 wells).
The program to date has an overall success ratio including new oil pool discoveries, development wells and satellite oil pool discoveries of approximately 80%.
The highlights of the Avery/Santos ATP 752P farmin are as follows:
Wompi Block:
4 oil exploration wells
200 square kms 3D Seismic
Barta Block:
3 oil exploration wells
100 square kms 3D Seismic
Total estimated capital expenditure: $18.5 Million
Vicpet’s Post Farmin Program Interest: 15%
Santos will take over as operator of ATP 752P and plans to drill the initial two firm farmin wells (one in each block) starting in the first quarter of 2008 and has indicated it would prefer to drill two wells in each block (potential total of four initial wells in the first half of 2008) while the rigs are in the area.
