Located in the PEL 115 permit, Ventura reached its total depth of 1,984 metres on 20 October. Wire line logs are being run to evaluate all the formations in the well and the extent of the oil-bearing sands that flowed oil from the Murta and Namur Formations from Drill Stem Test No. 1 and 2.

Drill Stem Test 1 recovered two barrels of oil/mud emulsion from the tested interval 1,319 – 1,345 metres in the Murta Formation. No water was evident.

Drill Stem Test 2 recovered 44 barrels of clean oil from the tested interval 1,364 –1,377 metres in the Namur Formation. Preliminary analysis of the Drill Stem Test 2 data from the oil zone in the Namur sandstone indicates the potential to produce 340 barrels of oil per day on pump.

The wire line logs and side wall cores over the total drilled interval indicate a gross 10 metre oil column and 3.5 metre net pay interval in the McKinlay and top Namur Sandstone over the interval tested by Drill Stem Test No. 2.

Drill cuttings from the underlying Hutton and Permian targets have not indicated the presence of hydrocarbons. But the initial positive drill stem test results from the Murta and Namur formations have made the partners optimistic that the Ventura-1 well will be a commercial oil producer. However, further production testing is required.

“Ventura-1 is the first Jurassic oil prospect in the current PEL 115 drilling program,” said Victoria petroleum managing director John Kopcheff.

“The Ventura Prospect is similar in style to the Jurassic prospects that have been successfully drilled in the southern part of the South Australian Cooper Basin. While oil was only recovered from the upper target zones in the Ventura-1 well, a first-up success which should result in a commercial oil producer is an excellent result. This exploration success is very encouraging for the hydrocarbon prospectivity of the surrounding Jurassic prospects.”

Victoria Petroleum and its partners plan an ongoing drilling program in the permit, with Ventura-1 to be immediately followed by the drilling of the Canberra Prospect. The partners are optimistic that their exploration success will match the 45% success rate achieved throughout the South Australian Cooper Basin.

Victoria Petroleum plans to drill up to 11 wells to be drilled over the next three years in the South Australian Cooper Basin. Ventura-1 is the second well in the 2004-5 drilling program taking place in PEL 115 and PEL 111.

Participants in the PEL 115 lease are: Victoria Petroleum (operator) 40%; Roma Petroleum 20%; Impress Ventures Ltd 15%; Entek Energy Ltd 12.5%; and Tacnas Pty Ltd 12.5%.