Latest news release, probably not coincidentally released on the same day as the shareholders meeting. Anyone attend?
EAST COAST BASIN SEISMIC PROGRAM IDENTIFIES SEVERAL
NEW OIL AND GAS PROSPECTS AND LEADS
June 24, 1998 - Vancouver, British Columbia OTCBB Trading
Symbol: INDX
Indo-Pacific Energy Ltd. (the "Company") reports the completion of
seismic surveys in its three East Coast Basin permits. Computer
processing and interpretation of results will take about two months.
However, early field results have confirmed, and identified, new
prospects and leads.
In PEP 38330, to north of the recent Enerco/Westech Energy gas
discoveries, the survey confirmed the presence of several sub-surface
structures of similar type and size to those associated with the
Enerco/Westech discoveries, on which the owners have reported
potential gas reserves of several hundred billion cubic feet. The main
prospects currently identified in PEP 38330 are the Pauariki Anticline
and the Arataha Dome, both of which may have reservoir sandstones at
depths up to 6,000 feet. Both prospects appear to have hydrocarbon
traps covering several thousand acres. Several other exploration leads
have been confirmed by the new seismic, most notably the Matanui,
Mangatuna and North Tolaga structures, all of which merit further
seismic investigation. The Company is operator and holds a 34%
interest in PEP 38330.
In PEP 38328, south of the recent gas discoveries, the seismic program
has confirmed the Maimai, Scinde Island and Haumoana prospects, and
identified several new exploration leads. The prospects and leads are
shown on the accompanying map. In addition to the deeper reservoir
sandstones, PEP 38328 also contains buried coquina limestone masses,
which are typically excellent reservoirs. The main prospects each
cover an area of a thousand acres or more, and could contain either
oil or gas, with drilling targets at depths of less than 7,000 feet.
The Company is operator and holds a 42.5% interest in PEP 38328.
In PEP 38332, immediately south of PEP 38328, the seismic program has
detailed the Taniwha and Rosearl Prospects, near the northern border
of the permit. The nearby Westcott oil seeps show that there is a good
chance for discovery of oil as opposed to gas in this area. The survey
also identified leads associated with the Boar Hill Anticline and the
Mangatoro High. The Company is operator and holds a 42.5% interest in
PEP 38332.
The national gas pipeline crosses both PEP 38328 and PEP 38332 to supply
the Napier area gas market, and access to this can be secured for new
gas discoveries. PEP 38328 includes the port of Napier, from where oil
can be exported.
On completion of seismic data interpretation, the Company and the other
permit participants will identify the best targets for possible
drilling later this year.
Indo-Pacific Energy Ltd., one of the IREMCO group of companies, is an
emerging, new frontier exploration company, holding interests in
extensive oil and gas properties in the Asia Pacific region. In
addition to its five percent interest in producing permit 38148, the
Company has varying interests in 5,770,000 acres of exploration
permits in New Zealand, making it the largest holder of onshore
exploration acreage in New Zealand. The Company has a 50% interest in
a 2,500,000 acre area in China and varying interests in 1,035,000
acres of offshore exploration permits in Australia. The Company also
holds a 40% interest in a 1,200,000 acre exploration permit in Papua
New Guinea. |
