PANCONTINENTAL OIL - Projekte in Australien, Kenya, Malta, Marocco und Namibia (Seite 383)
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Antwort auf Beitrag Nr.: 39.909.985 von gimo211 am 01.08.10 20:31:02Hallo gimo211,
ich bin seit längerem in Panconti investiert und habe meine Aktien als Rentenpapiere deklariert. Von daher schaue ich nicht jede Woche auf den Kurs und in die Boards. Trotzdem empfinde ich es als sehr erfreulich wenn ich zusätzlich Informationen über die Panconti-Homepage hinaus bekomme, so wie von Dir. Von daher wirst Du von mir regelmäßig gelesen, auch wenn ich nicht viel schreibe, aber das kann sich ja auch mal ändern.
ich bin seit längerem in Panconti investiert und habe meine Aktien als Rentenpapiere deklariert. Von daher schaue ich nicht jede Woche auf den Kurs und in die Boards. Trotzdem empfinde ich es als sehr erfreulich wenn ich zusätzlich Informationen über die Panconti-Homepage hinaus bekomme, so wie von Dir. Von daher wirst Du von mir regelmäßig gelesen, auch wenn ich nicht viel schreibe, aber das kann sich ja auch mal ändern.
... melde mich mal wieder für die vielleicht interessierten Leser... (bin nicht sicher, ob es solche überhaupt gibt?? Interessiert sich hier jemand für PCL??):
Der Quarterly ist veröffentlicht und die ersten Ergebnisse zu den 3d seismics von Kenya L8 bestätigen das Giant-Mbawa-Prospect - ... I like it ...
Wenn wir zum Drilling kommen (vermutlich irgendwann 2011), dann wird das der "run" des Jahres...
(zuvor rechne ich noch mit einem weiteren farmout seitens Orgin Energy - Anardako Petroleum Corp. könnte ein Kandidat sein - die halten schon die offshore -Lizenzen L5, L7, L11A, L11B and L12 im Lamu-Basin)
Baniyas wird m. W. übrigens nicht mehr in 2010 gebohrt - da ist der Quarterly vermutlich nicht ganz korrekt.
Activities Report:
http://www.pancon.com.au/investor-centre/quarterly-reports/r…
Cashflow Report
http://www.pancon.com.au/investor-centre/quarterly-reports/r…
Der Quarterly ist veröffentlicht und die ersten Ergebnisse zu den 3d seismics von Kenya L8 bestätigen das Giant-Mbawa-Prospect - ... I like it ...
Wenn wir zum Drilling kommen (vermutlich irgendwann 2011), dann wird das der "run" des Jahres...
(zuvor rechne ich noch mit einem weiteren farmout seitens Orgin Energy - Anardako Petroleum Corp. könnte ein Kandidat sein - die halten schon die offshore -Lizenzen L5, L7, L11A, L11B and L12 im Lamu-Basin)
Baniyas wird m. W. übrigens nicht mehr in 2010 gebohrt - da ist der Quarterly vermutlich nicht ganz korrekt.
Activities Report:
http://www.pancon.com.au/investor-centre/quarterly-reports/r…
Cashflow Report
http://www.pancon.com.au/investor-centre/quarterly-reports/r…
sorry, hier nochmals der Link zur L8/Mbawa - Präsentation:
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?…
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?…
... und noch ein weitere Beitrag aus der Kenia-Tagespresse - zwar von März 2010, jedoch mit dem Hinweis, dass man abschließende Ergebnisse zu den 3d seimics zum Block L8 / Mbawa prospect im July 2010 zu veröffentlichen plant.
Sollte dabei ORG wirklich entscheiden, eine well in Mbawa prospect zu bohren, wäre das einer der spektakulärsten Drillings in 2011 weltweit... (immerhin sprechen wir hier über ein (P10) 1,5 bis 3,6 Milliarden bbls recoverable prospect)
Für diejenigen, die es ernsthaft interessiert hier ein link zu einer ausführlichen L8/Mbawa - Präsentation: http://www.asx.com.au/asx/statistics/displayAnnouncement.do?…
Hier jetzt der Artikel - vielleicht hat man auf die ursprünglich angekündigten Veröffentlichung von "interim results" verzichtet, um "ungestört" über zusätzliche Blocks mit den Kenianischen Behörden zu verhandeln - Teile von Block L9 kommen einem in den Sinn... but this is just my personal guess...
http://www.nation.co.ke/business/news/Canadian%20firm%20to%2…
Canadian firm to begin oil search in North Eastern
By KENNEDY SENELWA
Posted Friday, March 19 2010 at 17:48
A Canadian oil company will spend $4.8 million (Sh370 million) on a seismic survey to map potential oil and gas deposits in North Eastern.
Vanoil Energy Ltd will undertake the survey in Block 3A to map out potential oil and gas deposits, according to its chief executive officer Dal Brynelsen.
The survey, to begin in May, will be undertaken by a contracted company. Actual field data will be available from July to August. Final results after data processing and interpretation is expected before year end.
Exploration in Block 3A dates back to 1970s when Chevron drilled one exploratory well. Mr Brynelsen said Vanoil had signed a production sharing contract with the Kenyan Government in 2007 for the exploration of Block 3A.
The block, situated in the Anza Graben basin, covers 12,192 square kilometres.
Another company, Pancontinental Oil and Gas, has completed the survey of Block L8 offshore of Kenya to map out potential hydrocarbon deposits. Interim results are expected in the second quarter of 2010.
Pancontinental’s chief executive officer Barry Rushworth said full results were expected in July and the firm, together with Origin Energy, will select a drilling location. Drilling is expected in the second half of 2010.
He said Fugro Geoteam SA acquired more than 800 square kilometres seismic data over Mbawa prospect in Block L8 under supervision of joint venture partner Origin Energy from December 2, 2009.
He said the current mapped area of Mbawa is 179 square kilometres and “slicks” of light oil or condensate are interpreted from satellite data on the sea surface.
“These are thought to result from sea floor leakage, suggesting the existence of an active petroleum generating system. Other prospects in L8 are also associated with interpreted slicks,” he said.
Sollte dabei ORG wirklich entscheiden, eine well in Mbawa prospect zu bohren, wäre das einer der spektakulärsten Drillings in 2011 weltweit... (immerhin sprechen wir hier über ein (P10) 1,5 bis 3,6 Milliarden bbls recoverable prospect)
Für diejenigen, die es ernsthaft interessiert hier ein link zu einer ausführlichen L8/Mbawa - Präsentation: http://www.asx.com.au/asx/statistics/displayAnnouncement.do?…
Hier jetzt der Artikel - vielleicht hat man auf die ursprünglich angekündigten Veröffentlichung von "interim results" verzichtet, um "ungestört" über zusätzliche Blocks mit den Kenianischen Behörden zu verhandeln - Teile von Block L9 kommen einem in den Sinn... but this is just my personal guess...
http://www.nation.co.ke/business/news/Canadian%20firm%20to%2…
Canadian firm to begin oil search in North Eastern
By KENNEDY SENELWA
Posted Friday, March 19 2010 at 17:48
A Canadian oil company will spend $4.8 million (Sh370 million) on a seismic survey to map potential oil and gas deposits in North Eastern.
Vanoil Energy Ltd will undertake the survey in Block 3A to map out potential oil and gas deposits, according to its chief executive officer Dal Brynelsen.
The survey, to begin in May, will be undertaken by a contracted company. Actual field data will be available from July to August. Final results after data processing and interpretation is expected before year end.
Exploration in Block 3A dates back to 1970s when Chevron drilled one exploratory well. Mr Brynelsen said Vanoil had signed a production sharing contract with the Kenyan Government in 2007 for the exploration of Block 3A.
The block, situated in the Anza Graben basin, covers 12,192 square kilometres.
Another company, Pancontinental Oil and Gas, has completed the survey of Block L8 offshore of Kenya to map out potential hydrocarbon deposits. Interim results are expected in the second quarter of 2010.
Pancontinental’s chief executive officer Barry Rushworth said full results were expected in July and the firm, together with Origin Energy, will select a drilling location. Drilling is expected in the second half of 2010.
He said Fugro Geoteam SA acquired more than 800 square kilometres seismic data over Mbawa prospect in Block L8 under supervision of joint venture partner Origin Energy from December 2, 2009.
He said the current mapped area of Mbawa is 179 square kilometres and “slicks” of light oil or condensate are interpreted from satellite data on the sea surface.
“These are thought to result from sea floor leakage, suggesting the existence of an active petroleum generating system. Other prospects in L8 are also associated with interpreted slicks,” he said.
http://www.nation.co.ke/business/news/Australias%20Flow%20En…
Australia's Flow Energy seeks oil exploration in Kenya
Bureau of geophysical prospecting crew at Bassa, Isiolo District. China National Offshore Oil Corporation (CNOOC) has discovered gas deposits in four zones. Photo/WILLIAM OERI
By NATION Reporter
Posted Thursday, June 17 2010 at 11:58
Australia's Flow Energy is seeking to explore oil and gas resources in block L6 along Kenya’s coast.
However, this is subject to National Environmental Management Authority's (NEMA) approval.
The company formerly known as Gippsland Offshore Petroleum Limited has submitted to NEMA an Environmental Impact Assessment (EAI) study report on the proposed oil and gas (hydrocarbons) exploration.
NEMA’s Director General, Muusya Mwinzi, said the EAI report on exploration work to be done in Lamu and Tana Delta districts was in compliance with the environmental regulations.
“Flow Energy in partnership with Ministry of Energy intends to explore for hydrocarbon resources. Where successful, the firm will commercially produce for local consumption, power generation and export the excess quantity,” he said.
Recently, China National Offshore Oil Corporation (CNOOC) announced the discovery of gas deposits struck in Boghal-1 well, drilled in block 9 near Merti in Isiolo North district.
Energy Flow has 60 per cent stake in block L6, which measures 4,918 square kilometres in Lamu basin while the remaining stake in the acreage belongs to Pancontinental Oil and Gas Ltd of Australia.
Australia's Flow Energy seeks oil exploration in Kenya
Bureau of geophysical prospecting crew at Bassa, Isiolo District. China National Offshore Oil Corporation (CNOOC) has discovered gas deposits in four zones. Photo/WILLIAM OERI
By NATION Reporter
Posted Thursday, June 17 2010 at 11:58
Australia's Flow Energy is seeking to explore oil and gas resources in block L6 along Kenya’s coast.
However, this is subject to National Environmental Management Authority's (NEMA) approval.
The company formerly known as Gippsland Offshore Petroleum Limited has submitted to NEMA an Environmental Impact Assessment (EAI) study report on the proposed oil and gas (hydrocarbons) exploration.
NEMA’s Director General, Muusya Mwinzi, said the EAI report on exploration work to be done in Lamu and Tana Delta districts was in compliance with the environmental regulations.
“Flow Energy in partnership with Ministry of Energy intends to explore for hydrocarbon resources. Where successful, the firm will commercially produce for local consumption, power generation and export the excess quantity,” he said.
Recently, China National Offshore Oil Corporation (CNOOC) announced the discovery of gas deposits struck in Boghal-1 well, drilled in block 9 near Merti in Isiolo North district.
Energy Flow has 60 per cent stake in block L6, which measures 4,918 square kilometres in Lamu basin while the remaining stake in the acreage belongs to Pancontinental Oil and Gas Ltd of Australia.
Trading Spotlight
http://www.coastweek.com/3327-02.htm
Australians Target Oil Wells Off Kenya Coast
ENERGY FLOW HAS 60 PER CENT STAKE IN BLOCK L6, WHICH
MEASURES 4, 918 SQUARE KILOMETERS IN LAMU BASIN
NAIROBI (Xinhua) -- Australia’s Flow Energy has completed an environment impact assessment of its planned project to explore for oil in Kenya’s coast region, official Kenya Gazette has said.
The company has partnered with Kenya’s Ministry of Energy to explore for oil in Block L6 that encompasses Lamu and Tana Delta districts in Kenya, closer to the Indian Ocean city of Mombasa.
The environmental impact assessment has been published by Kenya’s National Environ-mental Management Authority’s (NEMA) awaiting approval if the authority is satisfied with the measures taken to protect environment and activists do not raise opposition to the project.
If approved, the project will maintain the expanded pace of oil exploration efforts happening now in many parts of Kenya.
Failure to make any oil finds since the activities started a few years ago had raised debate here on the possibility of all explorers abandoning their activities.
“Flow Energy in partnership with Kenya's Ministry of Energy intends to fully explore for hydro-carbon resources.
“Where successful, the firm will commercially produce for local consumption, power generation and export the excess quantity,” said the company’s application to the environmental authority.
Energy Flow has 60 per cent stake in block L6, which measures 4, 918 square kilometres in Lamu basin while the remaining stake in the acreage belongs to Pancontinental Oil and Gas Ltd of Australia.
The company suggested that the area it has targeted has been poorly explored.
“New exploration data was acquired by Flow Energy in 2007 and the Flow team has completed the block prospect mapping.
“A total of 7 prospects have been mapped ranging from the onshore to the offshore,” the company said in its statement on the Kenyan project.
It said the targeted area is highly prospective and is supported by oil and gas shows in wells and seeps in the region.
Other of its projects includes Jamaica, France and Melbourne where its headquarters is based.
Australians Target Oil Wells Off Kenya Coast
ENERGY FLOW HAS 60 PER CENT STAKE IN BLOCK L6, WHICH
MEASURES 4, 918 SQUARE KILOMETERS IN LAMU BASIN
NAIROBI (Xinhua) -- Australia’s Flow Energy has completed an environment impact assessment of its planned project to explore for oil in Kenya’s coast region, official Kenya Gazette has said.
The company has partnered with Kenya’s Ministry of Energy to explore for oil in Block L6 that encompasses Lamu and Tana Delta districts in Kenya, closer to the Indian Ocean city of Mombasa.
The environmental impact assessment has been published by Kenya’s National Environ-mental Management Authority’s (NEMA) awaiting approval if the authority is satisfied with the measures taken to protect environment and activists do not raise opposition to the project.
If approved, the project will maintain the expanded pace of oil exploration efforts happening now in many parts of Kenya.
Failure to make any oil finds since the activities started a few years ago had raised debate here on the possibility of all explorers abandoning their activities.
“Flow Energy in partnership with Kenya's Ministry of Energy intends to fully explore for hydro-carbon resources.
“Where successful, the firm will commercially produce for local consumption, power generation and export the excess quantity,” said the company’s application to the environmental authority.
Energy Flow has 60 per cent stake in block L6, which measures 4, 918 square kilometres in Lamu basin while the remaining stake in the acreage belongs to Pancontinental Oil and Gas Ltd of Australia.
The company suggested that the area it has targeted has been poorly explored.
“New exploration data was acquired by Flow Energy in 2007 and the Flow team has completed the block prospect mapping.
“A total of 7 prospects have been mapped ranging from the onshore to the offshore,” the company said in its statement on the Kenyan project.
It said the targeted area is highly prospective and is supported by oil and gas shows in wells and seeps in the region.
Other of its projects includes Jamaica, France and Melbourne where its headquarters is based.
Antwort auf Beitrag Nr.: 39.709.601 von Kursbrecher am 19.06.10 22:51:27Hi Männer,
interessant Euch bei diesem Wert anzutreffen...
PCL ist eines meiner größeren "species" - Investments.
Kursbrecher, wie häufig frage ich mich, ob Du die Texte auch liest, die Du zitierst... Kenya L6 könnte ein bitteres Problem für PCL werden - was ist, wenn "Force Majeure" von den Behörden nicht akzeptiert wird? Dann wären Verpflichtungen aus dem PSC nicht erfüllt worden (was meist zum Verlust des PSC führt...). Mal abwarten, was da kommt...
Kurzfristig ist die entscheidende Frage für PCL jedoch, ob Orgin Energy nun tatsächlicht die Option wahr nimmt, eine Explorations-Well in Kenya L8 zu bohren - wenn ja, geht's ab (wenn nein....) - das ist der Zock....
Was für eine Well spricht ist, dass ORG im Dezember 2009 schon über US$10 Mio. für die 3D seismics investiert hat - das hatten die sich sicher zuvor genau überlegt...
Was dagegen spricht ist, dass wir nun schon seit April auf "vorab"- und seit Mai auf "abschließende" Ergebnisse zu den seimics warten - eine ziemlich lange Verzögerung... kann nun jedoch auch sehr schnell gehen...
Zudem gibt es bei PCL noch das
*Stoke Bay Testing (von dem ich nichts mehr erwarte)
* Baniyas (gemeinsam mit Strike Energy) - das kann ein ganz großer Wurf werden
* und das farmin ins Cooper-Basin - dort soll es ja auch noch Drillings in diesem Jahr geben.
... alle anderen Projekte sind weit entfernt...
interessant Euch bei diesem Wert anzutreffen...
PCL ist eines meiner größeren "species" - Investments.
Kursbrecher, wie häufig frage ich mich, ob Du die Texte auch liest, die Du zitierst...
Kenya L6 könnte ein bitteres Problem für PCL werden - was ist, wenn "Force Majeure" von den Behörden nicht akzeptiert wird? Dann wären Verpflichtungen aus dem PSC nicht erfüllt worden (was meist zum Verlust des PSC führt...). Mal abwarten, was da kommt...Kurzfristig ist die entscheidende Frage für PCL jedoch, ob Orgin Energy nun tatsächlicht die Option wahr nimmt, eine Explorations-Well in Kenya L8 zu bohren - wenn ja, geht's ab (wenn nein....) - das ist der Zock....
Was für eine Well spricht ist, dass ORG im Dezember 2009 schon über US$10 Mio. für die 3D seismics investiert hat - das hatten die sich sicher zuvor genau überlegt...
Was dagegen spricht ist, dass wir nun schon seit April auf "vorab"- und seit Mai auf "abschließende" Ergebnisse zu den seimics warten - eine ziemlich lange Verzögerung... kann nun jedoch auch sehr schnell gehen...
Zudem gibt es bei PCL noch das
*Stoke Bay Testing (von dem ich nichts mehr erwarte)
* Baniyas (gemeinsam mit Strike Energy) - das kann ein ganz großer Wurf werden
* und das farmin ins Cooper-Basin - dort soll es ja auch noch Drillings in diesem Jahr geben.
... alle anderen Projekte sind weit entfernt...
Das nächste Projekt kommt in Wallung....es könnte hier noch ein richtiges Kursfeuerwerk geben.
Kenya L6 Force Majeure
Pancontinental Oil & Gas (ASX: PCL) has today been advised by Flow Energy (Flow), the operator of Kenya Permit L6, that Flow have claimed force majeure under the Production Sharing Contract for the period commencing on 19 January 2010.
The force majeure has arisen from restrictions placed on Flow accessing the Kipini Conservancy Trust areas for the purposes of undertaking an Environmental Impact Assessment (EIA) and during the period pending final approval of the EIA. Flow is now awaiting the National Environment Management Authority acceptance and approval of the EIA. Flow further advises that they will serve notice as soon as the force majeure event has ceased to exist and when they can resume the work program under the Production Sharing Contract.Pancontinental has a 40% interest in Kenya L6 and Flow is the operator with a 60% interest.
For an don behalf of Pancontinental Oil & Gas NL
Ernie Myers Director
Kenya L6 Force Majeure
Pancontinental Oil & Gas (ASX: PCL) has today been advised by Flow Energy (Flow), the operator of Kenya Permit L6, that Flow have claimed force majeure under the Production Sharing Contract for the period commencing on 19 January 2010.
The force majeure has arisen from restrictions placed on Flow accessing the Kipini Conservancy Trust areas for the purposes of undertaking an Environmental Impact Assessment (EIA) and during the period pending final approval of the EIA. Flow is now awaiting the National Environment Management Authority acceptance and approval of the EIA. Flow further advises that they will serve notice as soon as the force majeure event has ceased to exist and when they can resume the work program under the Production Sharing Contract.Pancontinental has a 40% interest in Kenya L6 and Flow is the operator with a 60% interest.
For an don behalf of Pancontinental Oil & Gas NL
Ernie Myers Director
Es tut sich schon was....
20 May 2010
ASX Companies Announcement Office
Pancontinental Oil & Gas NL (“PCL”) is very pleased to announce that it has agreed on a farmin to drill Irriculla 2 in the Cooper-Eromanga Basin later this year. PCL’s 20% in Irriculla 2 and surrounding Queensland permit ATP 587P will come from operator DVM International Limited (“DVM”). Irriculla 2 will test the Eromanga sequence close to the margin of the underlying Cooper Basin in a Basal Jurassic sand “high side” fault trap, adjacent to oil shows in Irriculla 1 drilled in the downthrown fault block. Several other regional wells also had oil shows, including the commercial oil discovery at Inland 1. DVM calculates that the Irriculla Prospect has P10 potential to contain 34.6 Million Barrels of oil, and P50 potential of 5 Million Barrels. PCL will earn its 20% by funding up to $500,000 of the well cost and will thereafter pay pro-rata 20%. The current estimated well cost is $1.5 million. ATP 587P also holds the Cattle Creek and Carella Creek South Prospects and the large Braidwood Prospect (see accompanying Maps). The farmin has been agreed by PCL and DVM subject to final approval by the Authorities, which is not expected to be withheld. PCL’s CEO and Director Barry Rushworth commented- “Irriculla 2 is a low-cost well with considerable commercial upside and some significant oil shows in the geological system close to the planned well site. This edge of the Cooper Basin is poorly explored and the discovery of the Inland Field some years ago highlights the possibility of further discoveries on the Cooper margins. PCL is very pleased to be joining this exploration project”.
20 May 2010
ASX Companies Announcement Office
Pancontinental Oil & Gas NL (“PCL”) is very pleased to announce that it has agreed on a farmin to drill Irriculla 2 in the Cooper-Eromanga Basin later this year. PCL’s 20% in Irriculla 2 and surrounding Queensland permit ATP 587P will come from operator DVM International Limited (“DVM”). Irriculla 2 will test the Eromanga sequence close to the margin of the underlying Cooper Basin in a Basal Jurassic sand “high side” fault trap, adjacent to oil shows in Irriculla 1 drilled in the downthrown fault block. Several other regional wells also had oil shows, including the commercial oil discovery at Inland 1. DVM calculates that the Irriculla Prospect has P10 potential to contain 34.6 Million Barrels of oil, and P50 potential of 5 Million Barrels. PCL will earn its 20% by funding up to $500,000 of the well cost and will thereafter pay pro-rata 20%. The current estimated well cost is $1.5 million. ATP 587P also holds the Cattle Creek and Carella Creek South Prospects and the large Braidwood Prospect (see accompanying Maps). The farmin has been agreed by PCL and DVM subject to final approval by the Authorities, which is not expected to be withheld. PCL’s CEO and Director Barry Rushworth commented- “Irriculla 2 is a low-cost well with considerable commercial upside and some significant oil shows in the geological system close to the planned well site. This edge of the Cooper Basin is poorly explored and the discovery of the Inland Field some years ago highlights the possibility of further discoveries on the Cooper margins. PCL is very pleased to be joining this exploration project”.
Hört sich gut an..
PRODUCTION LICENCE GRANTED OVER WEST KORA-1 OIL
DISCOVERY
Pancontinental Oil & Gas NL is very pleased to announce that it has been granted Production Licence L15 over the West Kora-1 oil discovery well in the Canning Basin of Western Australia, together with its co-venturers in the project.
Participants in the L 15 Production Licence and Joint Venture are:
Empire Oil & Gas NL 49%
Buru Energy Limited 17%
Pancontinental Oil & Gas NL 12%
First Australian Resources NL 12%
Indigo Oil Pty Ltd 8%
The L15 licence awarded by the Department of Mines and Petroleum of Western Australia runs for 21 years from 1 April 2010.
L15 covers two graticular blocks 6054 and 6126 adjacent to the licence area over the Stokes Bay-1 well and the Point Torment-1 gas discovery in which Pancontinental has a 10% interest.
West Kora-1 was drilled in 1984 and produced some 20,000 Barrels of oil with an initial rate of 350 BOPD during an extended production test.The L15 Joint Venture aims to restore oil production from West Kora -1 into the existing production facility, which is proposed for upgrading.
Operator Buru has an extensive programme planned in the Canning Basin commencing in the dry season this year and this will also include further work on the nearby Stokes Bay -1 well (Pancontinental 10%) drilled in 2007.
Pancontinental CEO and Director Barry Rushworth commented- “This is a very positive step towards re-establishing a cash flow from West Kora-1. With improvements in technology and significantly higher oil prices, revived production from West Kora-1 could well be feasible now that the Production Licence has been secured.
There remains a substantial amount of planning and refurbishment to be undertaken and we look forward to joining Operator Buru and the other participants in moving this project forward”.
Ernie Myers
Pancontinental Oil & Gas NL
PRODUCTION LICENCE GRANTED OVER WEST KORA-1 OIL
DISCOVERY
Pancontinental Oil & Gas NL is very pleased to announce that it has been granted Production Licence L15 over the West Kora-1 oil discovery well in the Canning Basin of Western Australia, together with its co-venturers in the project.
Participants in the L 15 Production Licence and Joint Venture are:
Empire Oil & Gas NL 49%
Buru Energy Limited 17%
Pancontinental Oil & Gas NL 12%
First Australian Resources NL 12%
Indigo Oil Pty Ltd 8%
The L15 licence awarded by the Department of Mines and Petroleum of Western Australia runs for 21 years from 1 April 2010.
L15 covers two graticular blocks 6054 and 6126 adjacent to the licence area over the Stokes Bay-1 well and the Point Torment-1 gas discovery in which Pancontinental has a 10% interest.
West Kora-1 was drilled in 1984 and produced some 20,000 Barrels of oil with an initial rate of 350 BOPD during an extended production test.The L15 Joint Venture aims to restore oil production from West Kora -1 into the existing production facility, which is proposed for upgrading.
Operator Buru has an extensive programme planned in the Canning Basin commencing in the dry season this year and this will also include further work on the nearby Stokes Bay -1 well (Pancontinental 10%) drilled in 2007.
Pancontinental CEO and Director Barry Rushworth commented- “This is a very positive step towards re-establishing a cash flow from West Kora-1. With improvements in technology and significantly higher oil prices, revived production from West Kora-1 could well be feasible now that the Production Licence has been secured.
There remains a substantial amount of planning and refurbishment to be undertaken and we look forward to joining Operator Buru and the other participants in moving this project forward”.
Ernie Myers
Pancontinental Oil & Gas NL
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