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Monday January 26, 2:08 pm Eastern Time
Company Press Release
Indo-Pacific Energy Ltd. to Begin Drilling in Timor Sea
Highlights
VANCOUVER, British Columbia--(BUSINESS WIRE)--Jan. 26, 1998-- - Entry into a
671,000-acre permit in an area of world-class
potential
The first drilling prospect has 80 million-barrel potential
Area of high exploration success rate and high flow rates
Large follow-on drilling prospect has potential for up to 3
trillion cubic feet of gas or 300 million barrels of oil
- Strengthens our Timor Sea position and profile
Indo-Pacific Energy is pleased to announce that it has reached an agreement to acquire a 5%
working interest from Boral Energy Resources Ltd. in offshore permit area WA 199P in the
Australian portion of the Timor Sea. The tract is approximately 671,000 acres in area, located
approximately 150 miles from the west coast of Australia, and lies between the Sahul Syncline
and the Vulcan Graben, recently the site of several spectacular discoveries.
The Kittiwake-1 exploration well is expected to be drilled in WA 199P during February 1998.
This well commences Indo-Pacific's planned 1998 exploration drilling program.
This development is noteworthy in that it extends Indo-Pacific's interests in Australia's newest
oil and gas frontier - the offshore portion of the Bonaparte Basin - with acreage proximate to the
huge Undan-Bayu gas-condensate field, the Elang and Kakatua oil fields now entering
production to the northeast, and the large Laminaria and Buffalo oil fields to the northwest. In all
these fields, the wells have demonstrated exceptionally high flow rates of oil and gas. It also
balances Indo-Pacific's property portfolio, which now includes oil and gas exploration interests
in Australia, New Zealand, Papua New Guinea and China.
The Kittiwake Prospect, which lies on the lightly explored southwest flank of the Sahul
Syncline, is similar to that of several major nearby finds such as the Laminaria, Corallina,
Elang, Buffalo, Buller and Kakatua oil discoveries, all of which have wells with high flow
rates.
Kittiwake has the potential to hold recoverable reserves of up to 80 million barrels of oil in
combination with the adjacent Kittiwake North Prospect, which provides an immediate
follow-on drilling target in the event of success at Kittiwake-1. Other smaller targets nearby
might also be linked in to a central field development.
Apart from the Kittiwake and Kittiwake North Prospects, the WA 199P tract contains other
drilling targets, most notably the Avocet Deep Structure. The main reservoir in Avocet Deep, at
a depth of approximately 12,000 feet, has the potential to hold reserves of 300 million barrels of
oil or 3 trillion cubic feet of gas and condensate. Wells nearby have demonstrated the possible
existence of good reservoir limestones, while the Eider-1 and Avocet-1A wells encountered oil
shows at shallower depth above the Avocet Deep structure. In the event of a gas discovery, an
Avocet Deep field could, in conjunction with the giant Undan-Bayu field to the north, form the
basis of a new LNG (liquefied natural gas) facility to supply the rapidly growing Southeast
Asian energy market.
Indo-Pacific's arrangement with Boral Energy Resources extends its position on Australia's
Northwest Shelf, and balances its other Timor Sea offshore position in permit AC/P 19 further
south, a 364,500-acre tract in which the Company holds a 65% interest. AC/P 19 is proximate to
new discoveries such as the Tenacious-1 well, which flowed oil at a rate greater than 7,500
barrels of oil a day, and the highly profitable Jabiru and Challis Oil Fields operated by BHP
Petroleum, the energy arm of the giant Broken Hill Proprietary Ltd. A wide range of oil
companies plan to drill more than 70 exploration wells in the area surrounding AC/P 19 over
the next three years.
For now, participation in WA 199P strengthens the platform on which Indo-Pacific plans to
build and enhance its rapidly growing profile world-wide.
Partners in the WA199P Joint Venture/Percentage Interests
Santos Ltd (Nasdaq:STOSY - news; drilling operator) 38.712%
Boral Energy Resources Ltd (permit operator) 24.896%
Petroz NL 11.392%
TAP Oil NL 10.000%
Indo-Pacific Energy Ltd. 5.000%
Asisun Pty Ltd 10.000%
Total 100.000%
On Behalf of the
Board of Directors,
Alex Guidi, Chairman
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 Company relies on the safe harbor of this act and cautions 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.
Contact:
INDO-PACIFIC ENERGY LTD.
Alex Guidi, 604/682-6496
More Quotes
and News:
Indo-Pacific Energy Ltd (OTC BB:INDX - news)
Santos Ltd (Nasdaq:STOSY - news)
Related News Categories: oil/energy
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