Victoria Petroleum NL announces that gross oil production from the Mirage and Ventura Oil Fields in the PEL 115, South Australia Cooper Basin has reached a new high of 480 barrels of oil per day.
The new level of oil production has been achieved with the optimisation of the Mirage-1 oil well on artificial lift with a beam pump. Current stabilised oil production on pump for Mirage-1 was achieved this week with a rate of 415 barrels of oil per day.
The Ventura-1 oil well, which is also on artificial lift with a beam pump, is currently producing 65 barrels of oil per day.
The combined gross flow rate for the Mirage-Ventura Oil Field complex in the southern part of PEL 115 is 480 barrels of oil per day.
Victoria Petroleum NL as operator for the PEL 115 Joint Venture also advises that interpretation of the 3D seismic data is well advanced, with interpretation of the data indicating that the oil/water contact encountered in Mirage-1 is below what has been mapped as the structural closure of the Mirage feature. This means that the Mirage Oil Field has either a stratigraphic component or the Mirage Oil Field is larger than first mapped.
The interpretation of the 3D data set suggest that Mirage-1 could be part of a larger feature covering approximately 20 square kilometres that includes the Lightning and Jindivik prospects five kilometres to the north east. Using conservative reservoir parameters such an area has the possibility of containing up to 20 million barrels of oil in place.
Further exploration drilling is required to confirm this possibility and this will take place after the three Mirage development wells, with the drilling of the Lightning-1 and Jindivik-1 exploration wells. The initial three development locations for the PEL 115 Mirage Oil Field and two exploration wells have been approved by the PEL 115 Joint Venture.
The rig move to the first Mirage development well, has commenced with the Hunt Rig-3 camp arriving on location on the 21st January 2006. Drilling of Mirage-2 is planned to commence on or about the 29th January 2006.
In the event of a successful three well development program, with the placement of the Mirage development wells on artificial lift with beam pumps, gross oil production for the Mirage Oil Field is expected to reach an estimated 1,000 barrels of oil per day by mid 2006.
The Mirage Oil Field is interpreted to have the potential to contain recoverable oil reserves ranging from a mean of 1.3 million barrels up to a maximum of 3.6 million barrels.
Commenting on the potential for a significant increase in the size of the Mirage Oil Field and adjoining area and the highest level of combined oil production from the Mirage and Ventura Oil Fields yet achieved, John Kopcheff Managing Director for Victoria Petroleum NL (Vicpet) said;
“The potential for a large in place oil reserve of the order of 20 million barrels of oil is very exciting, but does require successful exploration results from the Lightning and Jindivik wells to support the indicated potential.”
“While Vicpet goes about proving or disproving this potential with further exploration drilling in the Mirage-Lightning area, Victoria Petroleum is very pleased to see this new production rate for the Mirage-Ventura Oil Field complex, consolidating its position among the ranks of the existing South Australian producers.”
“This increase in oil production from the Mirage-Ventura Oil Field complex is timely for Vicpet in this period of robust oil prices.”
“Adding the net production from the Mirage-Ventura Oil Field complex to the net production that Vicpet receives from the Jingemia Oil Field in the North Perth Basin, total Vicpet net oil production now stands at 455 barrels of oil per day.”
“Further growth in 2006 of Vicpet’s oil production and associated net revenue in 2006 from existing discoveries is planned to come from the successful drilling of three development wells on the Mirage Oil Field in early 2006.”
Participants and their interests in the Mirage and Ventura Oil Fields and PEL 115 are as follows:
Victoria Petroleum NL (Operator) 40%
Impress Ventures Ltd 27.5%
Roma Petroleum NL 20%
Entek Energy Ltd 12.5%
Integration in Exploration and Exploitation
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