December 13, 1999--San Francisco, Calif.--/PRNewswire/--Indo-Pacific Energy Ltd. (OTCBB: INDX) and Trans-Orient Petroleum Ltd. (OTCBB: TEPUF) announce that the Clematis-1 well was spudded on December 9 in Petroleum Exploration Permit 38720, onshore Taranaki Basin, New Zealand. Plans call for the team to drill to approximately 5,500 ft, to test the oil-bearing potential of the Mt. Messenger sandstones. The Clematis site is located approximately five miles northeast of both the Ngatoro and Kaimiro oil fields, which are currently producing oil from the same Mt. Messenger reservoir target that Clematis-1 will test.
Clematis-1 is being drilled by Century Drilling's Rig-2 under the management of Kelly Down Consultants, an international drilling project management group, and the overall supervision of Indo-Pacific Energy, operator of the PEP 38720 permit. The well is expected to reach its full depth in approximately 10 days. Immediately following the drilling of Clematis-1, Rig-2 will be moved to the Whakatu-1 site in Indo-Pacific's PEP 38328 permit in the East Coast Basin, where drilling is to commence in mid-January.
Indo-Pacific Energy Ltd. (www.indopacific.com) and Trans-Orient Petroleum Ltd. (www.transorient.com) each hold a 50% interest in permit PEP 38720 and in the Clematis-1 well.
The information included in this news release comprises both historical and forward-looking information or statements as defined by the Private Securities Litigation Reform Act of 1995. The Companies rely on the safe harbor of this Act and caution that there can be no assurance that forward-looking statements will prove to be accurate, given that resource exploration activity is inherently a high-risk business.
For further information regarding Trans-Orient Petroleum Ltd. or Indo-Pacific Energy Ltd., please contact:
Mr. Gary Saik, Investor Relations
Phone: 415-951-1917
E-mail: gs@indopacific.com
www.transorient.com
www.indopacific.com |
