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Melbourne, Oct 25, 2010 (ABN Newswire) - Oil Basins Limited (
ASX:OBL) wish to make the following ASX announcement relating to the drilling operations at Backreef-1, Backreef Area, Canning Basin, onshore Western Australia (WA):
1. As at 2:20pm WST 24 October, the Hunt Energy & Minerals Co. Rig No.3 drilling with a 216mm (8-1/2 inch) diameter bit had drilled Backreef-1 to a depth of 1500mRT, thereby satisfying the principal Farm-In condition under the Backreef Play Agreement, whereby OBL now earns a 90% Beneficial Interest and Operatorship to both the Backreef-1 well and the Backreef Area (subject to the normal assignment and stakeholder consents).
2. Present operations - after conducting a wiper trip at 1551mRT, Backreef-1 will now drill ahead from the current depth of 1551mRT to 1650RT (revised TD) prior to running electric logs and possibly a Formation Tester (FMT).
3. During the drilling of the production hole the following hydrocarbon fluorescence was observed in the Lower Laurel Member and Yellow Drum Equivalent formations (which are known oil productive reservoirs in the nearby Meda and Blina wells respectively) and will be assessed with electric logs to ascertain productivity:
In accordance with ASX Listing Rules, during the conduct of Backreef-1 drilling operations, OBL will advise the market weekly (on Thursdays), or after concluding an important well drilling operation and/or obtaining an important assessment or result.
By funding 100% of the drilling and completion costs of Backreef-1, OBL is earning up to 90% of Backreef-1 and the Backreef Area.
For the complete Oil Basins announcement including figures, please refer to the following link:
http://www.abnnewswire.net/media/en/docs/64015-ASX-OBL-344213.pdf
ASX:OBL) wish to make the following ASX announcement relating to the drilling operations at Backreef-1, Backreef Area, Canning Basin, onshore Western Australia (WA):1. As at 2:20pm WST 24 October, the Hunt Energy & Minerals Co. Rig No.3 drilling with a 216mm (8-1/2 inch) diameter bit had drilled Backreef-1 to a depth of 1500mRT, thereby satisfying the principal Farm-In condition under the Backreef Play Agreement, whereby OBL now earns a 90% Beneficial Interest and Operatorship to both the Backreef-1 well and the Backreef Area (subject to the normal assignment and stakeholder consents).
2. Present operations - after conducting a wiper trip at 1551mRT, Backreef-1 will now drill ahead from the current depth of 1551mRT to 1650RT (revised TD) prior to running electric logs and possibly a Formation Tester (FMT).
3. During the drilling of the production hole the following hydrocarbon fluorescence was observed in the Lower Laurel Member and Yellow Drum Equivalent formations (which are known oil productive reservoirs in the nearby Meda and Blina wells respectively) and will be assessed with electric logs to ascertain productivity:
----------------------------------------------------- Formation Interval mRT Fluorescence ----------------------------------------------------- Lower Laurel Member 889-892 10% to 20% patchy ----------------------------------------------------- Lower Laurel Member 892-895 25% patchy ----------------------------------------------------- Lower Laurel Member 895-901 10% to 20% patchy ----------------------------------------------------- Lower Laurel Member 901-1112 Trace patchy / Yellow Drum Equivalent -----------------------------------------------------4. Summary of predicted and assessed actual formation tops defined by Backreef-1 so far:
------------------------------------------------------------
Formation Predicted Formation Top Actual Formation Top
mRT mRT
------------------------------------------------------------
Blina Shale 54.4 45
------------------------------------------------------------
Liveringa 74.4 80
------------------------------------------------------------
Noonkanbah 201.4 185
------------------------------------------------------------
Poole Sandstone
Upper Member 439.4 415
------------------------------------------------------------
Nura Nura Member 468.4 450
------------------------------------------------------------
Grant A 516.4 520
------------------------------------------------------------
Grant B 610.4 615
------------------------------------------------------------
Lower Laurel Member 884.4 889
------------------------------------------------------------
Yellow Drum Equivalent 910.4 910
------------------------------------------------------------
Gumhole Formation 968.4 955
------------------------------------------------------------
May River Unit 1236.4 1231
------------------------------------------------------------
Clanmeyer Formation 1278.4 1275
------------------------------------------------------------
Target Clanmeyer
Clastics (sst) 1500 1501
------------------------------------------------------------
Total Depth (TD) 1600 Revised TD 1650
------------------------------------------------------------
The OBL Directors are pleased with the performance of Hunt Rig No.3 and their petroleum advisers, appointed petroleum service companies and specialist logistic consultants in the drilling of the Backreef-1 well to date and successfully attaining the Farm-In depth pre-condition in a timely manner.In accordance with ASX Listing Rules, during the conduct of Backreef-1 drilling operations, OBL will advise the market weekly (on Thursdays), or after concluding an important well drilling operation and/or obtaining an important assessment or result.
By funding 100% of the drilling and completion costs of Backreef-1, OBL is earning up to 90% of Backreef-1 and the Backreef Area.
For the complete Oil Basins announcement including figures, please refer to the following link:
http://www.abnnewswire.net/media/en/docs/64015-ASX-OBL-344213.pdf
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About Oil Basins Limited
Oil Basins Limited (ASX:OBL) is engaged in the investment in selected exploration production and development opportunities in the upstream oil and gas sector. Oil Basins Limited was listed on the ASX on 23 August 2006 and is involved in exploration for oil and gas initially in the offshore Gippsland Basin waters of south-eastern Australia and the onshore Canning Basin of Western Australia. Since listing the Company has increased its leverage across all of its assets and has increased its exposure to attractive and prospective areas with the Canning Basin.
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