Further to the announcement of 2 March 2010 on the 3D seismic survey over PEP 167, Interra Resources (ASX: ITR) has informed shareholders that the recording phase of the Windermere 3D seismic programme in PEP 167 has recently commenced.
Exploration permit PEP 167 is located in the onshore Otway Basin, near Portland, in western Victoria.
The survey covers 41 square kilometres and the recording and associated operations are scheduled to take approximately two weeks.
PEP 167 is jointly held by Interra’s wholly owned subsidiary, Interra Resources (Australia) Pte. Ltd. (50%), and Bass Strait Oil Company Ltd (BAS) (50% and operator).
PEP 167 contains two discovery wells – the 1987 Windermere-1 oil well and the 2002 Port Fairy-1 oil and gas well.
The 1987 Windermere-1 well produced oil on test but was never put on production given the oil prices and the available technology at that time.
BAS’s review indicates that the oil bearing formation may have been damaged during drilling operations and that there is good potential to achieve commercial flow rates at Windermere, particularly given careful well design, modern drilling techniques and potentially employing horizontal drilling.
The new 3D data is expected to provide high quality definition of the Windermere oil zone for the first time.
The objective of the new Windermere 3D survey is to define the nature and extent of the Windermere accumulation and to allow detailed planning and optimisation for appraisal drilling. Surrounding follow-up leads will also be addressed by the new survey.
A successful 3D seismic survey could lead to appraisal drilling for Windermere oil in the next year.
http://www.proactiveinvestors.com.au/companies/news/5918/interra-resources-commences-recording-phase-of-windermere-3d-seismic-programme-5918.html
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