Australia's Cooper Basin Find: 30-ft. Oil Column
Drilling Activity Details
Australia
Drilling Activity Summary
Description
Australian-Canadian Oil Royalties Ltd.'s #3-Parsons probe, the first well in the 2011 PEL 92 area drilling campaign in Australia's Cooper Basin, has successfully intersected a 30 ft. oil column in the Namur reservoir in South Australia. The well reached a total depth of 4,626 ft. and wireline logs confirm the presence of a 30 ft. oil column in excellent quality sandstones of the Namur oil reservoir. Preparations are currently being made to run casing and suspend the well for later tie-back to the Parsons production facilities. The well will provide an additional drainage point for the Namur oil reservoir to the north of the #1-Parsons discovery well. The Parsons oil field is currently producing around 1,100 bbl. of oil per day from two wells in the Namur reservoir. The #3-Parsons production well is expected to accelerate production and increase reserves. The impact on production rates and reserves will be assessed once the full results of the current Parsons appraisal/development drilling program have been evaluated and production rates from the new development wells have been established. An upgrade of the Parsons surface facilities will be undertaken to handle the expected increase in oil production. The next well in the 11-well campaign is #4-Parsons appraisal/development well, located to the south of #1-Parsons. PEL 92 is operated by a joint venture between Australian-Canadian Oil Royalties, Cooper Energy and Beach Energy. Australian-Canadian Oil Royalties Ltd headquarters are in Vancouver.
Australian-Canadian Oil Royalties Ltd.'s #3-Parsons probe, the first well in the 2011 PEL 92 area drilling campaign in Australia's Cooper Basin, has successfully intersected a 30 ft. oil column in the Namur reservoir in South Australia. The well reached a total depth of 4,626 ft. and wireline logs confirm the presence of a 30 ft. oil column in excellent quality sandstones of the Namur oil reservoir. Preparations are currently being made to run casing and suspend the well for later tie-back to the Parsons production facilities. The well will provide an additional drainage point for the Namur oil reservoir to the north of the #1-Parsons discovery well. The Parsons oil field is currently producing around 1,100 bbl. of oil per day from two wells in the Namur reservoir. The #3-Parsons production well is expected to accelerate production and increase reserves. The impact on production rates and reserves will be assessed once the full results of the current Parsons appraisal/development drilling program have been evaluated and production rates from the new development wells have been established. An upgrade of the Parsons surface facilities will be undertaken to handle the expected increase in oil production. The next well in the 11-well campaign is #4-Parsons appraisal/development well, located to the south of #1-Parsons. PEL 92 is operated by a joint venture between Australian-Canadian Oil Royalties, Cooper Energy and Beach Energy. Australian-Canadian Oil Royalties Ltd headquarters are in Vancouver.