Results from the initial pumping suggest the wells will only be moderate producers, according to the partners.

Currently, the Mirage-3 well is producing between 30 and 35 barrels of oil per day, while Mirage-4 is flowing 35-40bopd.

“The Mirage-4 fracture stimulation appears to have been more successful than the Mirage-3 program, although the overall performance of both wells is disappointing,” Impress told the Australian Stock Exchange on Friday.

Meanwhile, VicPet managing director John Kopcheff said his company expected oil production from the two wells would increase with higher pump rates in the future.

“While we would have liked to have seen higher production rates from the wells, we have added approximately 75 barrels of oil per day to the current Mirage oil field production of 239 barrels for a combined production of 314 barrels of oil per day,” he said.

There are also indications that some formation water is being produced, with water cut around 60% in Mirage-4 and 70% in Mirage-3. Analysis of the water samples is being undertaken to determine the origin of the water.

As a result, the joint venture is reviewing the data to determine the cause of the high water cut and assess the implications on future programs.

Looking ahead, the JV plans to continue cleaning up the flow rates, determine the optimal stabilised flow rates from each well and complete connections to the Mirage-1 production facility.

The PEL 115 JV comprises operator VicPet, which owns 40%, Impress (40%) and Roma Petroleum (20%).