Victoria Petroleum said the drill test up to now had unearthed spotty fluorescence from 1302 metres to 1308 metres, and fluorescence with bright yellow, instant, streaming cut from 1308 metres to the current depth of 1314 metres.
Located in Block ATP 574 P in the Surat Basin, Queensland, the well is updip and 730 metres north of the 1964 Union Oil Co well. The drilling program calls for a single well to be drilled to a depth of around 1,440 metres.
The current depth of the well stands at around 1,314 metres. Earlier data acquisition points to an estimated four metre oil column in the Jurassic Precipice Sandstone and seismic data points to possible recoverable reserves of around 16 million barrels of oil.
Oilex NL is the operator with a share of 34.5%. The other partners in the prospect are Victoria Petroleum NL (30%), Arrow Energy NL (12.5%) and the remaining 23% lies in the hands of private interests.
