FIELD ACTIVITIES / Pacific Tiger Energy announces Drilling in Thailand
Pacific Tiger Energy Inc. is pleased to announce that development drilling
will commence in the Wichian Buri Field on or about April 22. The Wichian
Buri Field is located in the SW1 Concession, onshore Thailand. The Wichian
Buri Field is currently productive from one well, Wichian Buri-1. This well
was completed in 1990. Producing facilities were installed in May 1995 and
the well has subsequently produced over 250,000 barrels of oil. The strong
performance of the reservoir suggests an extensive hydrocarbon area.
"We are very excited about the upcoming drilling campaign at the Wichian Buri
Field" said Michael Cvetanovic, President and CEO of Pacific Tiger. "If
successful, it will confirm our geological models and allow for a multi-well,
second phase of development drilling. Exploitation of the Wichian Buri Field
presents Pacific Tiger with an opportunity to generate significant cash flow
through low risk exposure of capital".
The drilling program, comprised of two wells, will be targeted to intersect
the productive "F Sandstone" interval at a distance of between 250 to 500
meters from the Wichian Buri-1 well. The wells are planned to be drilled to
a depth of approximately 1000 meters and should each take 30 days to drill,
complete and test.
The first well to be drilled will be referred to as Wichian Buri-A2 and is
located approximately 300 meters to the north of the productive Wichian
Buri-1 well. The second well will be drilled at either the Wichian Buri-A1
or A4 locations, depending on the outcome of testing of Wichian Buri-A2. All
locations are within the coverage of a 3D seismic grid and are perceived to
represent low risk exploitation.
Additionally, Pacific Tiger currently holds a 100% working interest in a
highly prospective Exploration Block, PEP 38463 in the Taranaki Basin,
Offshore New Zealand. The permit is adjacent to the recently announced
Fletcher Challenge operated Mangahewa discovery, which reportedly contains
between 1-3 TCF of gas. Oil and gas is present in several wells in the
concession.
Pacific Tiger Energy is a junior exploration and development company focusing
on opportunities in the Asia Pacific region with offices in Singapore,
Bangkok, Calgary and Montreal. It trades on the Montreal Stock Exchange
under the listing symbol "PTE".
Contacts:
Singapore: Michael R. Cvetanovic Phone: (65) 346-4544
Fax: (65) 346-0455
E-mail: ptiger@pacific.net.sg
Calgary: Robert A. Halpin Phone: (403) 263-8904
Fax: (403) 264-8154 |
