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Margarita Gas Exploration Project

Posted: 18 June 2007

Victoria Petroleum N.L. reported that the first of three wells in the Phase 2 drilling program of the Margarita Gas Exploration Project, Donna Carlota-1 has been successfully drilled to a total depth of 1,524 metres.

A gas show was observed in the primary target Frio sand with interpretation of the wire line logs indicating a gross gas zone of 13.9 metres and net gas pay of 5.6 metres over the interval 1,423.2 metres to 1,437.1 metres with gas on rock and no water.

“We are pleased to have made another gas discovery in the Margarita Gas Exploration Project and we look forward to continuing exploration success with the next two wells in the current drilling program,” said John Kopcheff, Victoria Petroleum managing director.

Production casing has been run to enable production testing of the well later in the week.

The Donna Carlota Gas Field, based on an interpretation of the 3D seismic data, has an estimated recoverable reserve of 0.62 billion cubic feet of gas.

The rig moved over the weekend from Donna Carlota-1 to the Agavero-1 drill site to test the Agavero Prospect with its potential to contain mean recoverable reserves of 0.7 billion cubic feet of gas, if gas is present.

The Agavero Prospect is the second of the three prospects being drilled in the current program which are analogues of historic prolific Frio and Vicksburg sands production in the project area at <2,000 meters depth.

As with the successful initial three well program, tie in of any commercial discovery made on these prospects will be rapid as the project area is crossed by a number of gas pipelines with access rights and available capacity to tie into.

The drilling program is expected to run until the end of July 2007.



Supported by:


Beach Petroleum

Horizon Oil

Saudi FAL