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  • Carnarvon Petroleum Strikes Oil At Thailand Development Well 0 comments
    Dec 8, 2013 10:46 PM

    Carnarvon Petroleum's (ASX: CVN) goal of increasing oil production from its 40% owned Thailand asset has received an early boost with oil and gas noted at its WBEXT-2BST2 well.

    The well had intersected the top five metres of the primary target igneous V2 reservoir with strong oil shows in the cuttings and increased gas readings at surface.

    The company and its operating partner Towngas now plan to set 7" casing to top of the reservoir before drilling through the complete primary target section to a total depth of about 1,400 metres.

    WBEXT-2BST2 is designed to test the productive igneous V2 reservoir that is estimated to be 50 metres thick at the target location.

    The top of the igneous intersected in this well is similar in nature to the reservoir intersected and completed at the WBEXT-2C well, which initially flowed up to 400 barrels of oil per day and has produced over 16,500 barrels of oil to date.

    Following this well, the joint venture will drill further wells in the WBEXT production area targeting development locations within the reserves areas.

    Additional near term development and exploration wells are planned within the recently acquired L33/43 3D seismic area.

    WBEXT-2BST2

    WBEXT-2BST2, a deviated appraisal/development well in the WBEXT area, targets a location 15 metres updip of the igneous V2, in order to be further from potential water zone, and closer to the main fault, which is interpreted to be a better location for fracture development.

    Secondary targets are the igneous V1 reservoir, which was encountered in WBEXT-2C well at around 10 metres thick with good oil shows but has not yet been tested.

    L33/43 Concession

    Initial interpretation of the 100 square kilometre 3D seismic survey, which has being processed, has allowed Carnarvon and its operating partner Towngas to identify development locations for the shallow igneous horizons, in which two wells were previously drilled and which flowed at rates up to 2,400 bpd of oil.

    The new seismic indicates that further potential exists from deeper intervals that are related to the main WBEXT WBV1 and WBV2 igneous reservoirs, where significant volumes of oil have been produced from fields around 5 kilometres to the south.

    A mix of development drilling into the shallow reservoirs and exploration drilling into the deeper reservoirs will form part of the current drilling campaign.

    Carnarvon has a 40% equity interest in the L44/43 and L33/43 Concessions.

    Analysis

    With strong oil shows in cuttings from just the first five metres of the primary target igneous V2 reservoir,Carnarvon Petroleum appears to be on track towards boosting its Thailand oil production.

    Success at WBEXT-2BST2 will further de-risk the other wells that the joint venture plans to drill at the WBEXT production area.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

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