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The partners said the log results were similar those recorded at the Mary Bellocchi-1 discovery well, which was drilled in 1986 on the same trap further south.
“Wireline log interpretation indicates that the top of the Gatchell sand drilled in Eagle North-1 is at the same level as seen in Mary Bellocchi-1, thus providing further support for the interpreted presence of a commercial Eagle Oil Pool in a potential stratigraphic trap,” VicPet managing director John Kopcheff said.
Operator VicPet is now planning to case and production test the well with the current Kenai Rig 6 over the next eight days.
Once production testing reveals the extent of the Eagle Oil Pool from the Eagle North-1 well bore, the well will be sidetracked and then horizontally drilled for 300m to be completed for oil production.
VicPet said flow rates of up to 1000 barrels per day were expected if the horizontal well was successfully completed.
Eagle North-1 is an up-dip appraisal well on the Eagle Oil Pool stratigraphic trap discovered in 1986 by the Mary Bellocchi-1 well, which targeted a small structural culmination on an unrecognised, extensive stratigraphic trap, Sun said.
The indicated potential recoverable reserves for the Eagle Oil Pool range from a mean of 13.5 million barrels of oil with 25 billion cubic feet of gas to the P10 case of 34 million barrels of oil with 58 billion cubic feet of gas.
Economic completion of the well would trigger an immediate 129 square kilometre 3D seismic survey for planning a further nine, 900m-long in-situ horizontal wells in the reservoir to drain the field over a 15-year production period.
It has been proposed to truck the produced crude to receiving facilities at Coalinga –about 20km west – and link gas production to pipelines near the Eagle Oil Pool development.
Participants in the Eagle Oil Pool Development Project and Eagle North-1 are: Empyrean Energy PLC (38.5%), Victoria Petroleum NL (20%), First Australian Resources NL (15%), Lakes Oil NL (15%), Sun Resources NL (10%) and US private interests (1.5%).
