AI assistant
PILOT ENERGY LIMITED Capital/Financing Update 2007
65558_rns_2007-05-20_7f9b02e0-3cc1-47dd-bfcb-43ef1df1544f.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
21 May 2007
Announcements Australian Stock Exchange Limited Level 4, 20 Bridge Street SYDNEY NSW 2000
DRILLING REPORT FOR WEST FLORENCE-1, COLORADO, USA
Victoria Petroleum N.L. has been advised by the Operator, Mountain Petroleum Corporation that at 0600 hours Rocky Mountain Time today, the West Florence-1 was at a depth of 1.343 metres.
West Florence-1 is planned to be drilled to a total depth of 2.134 metres to test the major target, the Muddy J sandstone of the Dakota group at approximately 1,800 metres. Additional targets are the Pierre, Niobrara and Codell formations.
West Florence-1 is the first well to be drilled in the West Florence Oil and Gas Project and its associated leasehold of 12,000 acres located in the Florence sub basin of the Denver basin. The leasehold is approximately 100 kilometres south of Denver, Colorado, USA. The project area is to the west of the Florence Oil Field which produced approximately 15 million barrels of oil from fractured shales of the Pierre Formation in the 1940's.
The West Florence Oil and Gas Project is a basin-centred play similar to that of the giant Wattenburg field located 160 kilometres due north producing from the same age lower Cretaceous reservoirs.
Petroleum potential for the West Florence play is estimated to be in the order of 100 - 200 billion cubic feet of recoverable gas in the Muddy J sandstone and additionally around 15 million barrels of recoverable oil cumulatively from the Pierre, Niobrara and Codell formations, if oil and gas are present.
The participants in the drilling of West Florence-1 and the West Florence Oil and Gas Project and their respective interests through their wholly owned subsidiaries are as follows;
| Mountain Petroleum Corporation. (Operator) | 40% |
|---|---|
| Victoria Petroleum N.L. (ASX code: VPE) | 25% |
| Fall River Resources Limited (ASX code: FRV ;TSX.V code FRR) | 15% |
| Adelaide Energy Limited | 15% |
| North American Oil Gas Energy Pty Ltd | .5% |
Yours Sincerely,
$225 - 122$
JOHN KOPCHEFF MANAGING DIRECTOR VICTORIA PETROLEUM N.L.
Information in this report was completed by the Managing Director of Victoria Petroleum N.L, J T Kopcheff BSc (Hons Eco.Geol), FAIMM, MAAPG, MSPE, MPES, with 36 years experience in petroleum geology and geophysics.
For information on Victoria Petroleum N. L. drilling activities visit our website at www.vicpet.com.au
36TH FLOOR, EXCHANGE PLAZA, 2 THE ESPLANADE, PERTH, WESTERN AUSTRALIA 6000 TELEPHONE: (08) 9220 9800, FACSIMILE: (08) 9220 9801, EMAIL: [email protected] WEBSITE: www.vicpet.com.au CORRESPONDENCE TO PO BOX Z5441, ST GEORGES TERRACE, PERTH, WESTERN AUSTRALIA 6831
Rig drilling at West Florence-1, Colorado, USA, May 2007