Victoria Petroleum NL announced that gross oil production from the Mirage and Ventura Oil Fields in the PEL 115, South Australia Cooper Basin has reached a new high of 430 barrels of oil per day. The new level of oil production has been achieved with the placement of the Mirage-1 oil well on artificial lift with a beam pump. Current stabilised oil production on pump for Mirage-1 was achieved this week with a rate of 310 barrels of oil per day.
The Ventura-1 oil well, which is also on artificial lift with a beam pump, is currently producing 120 barrels of oil per day. The combined gross flow rate for the Mirage-Ventura Oil Field complex is 430 barrels of oil per day.
Victoria Petroleum NL as operator for the PEL 115 Joint Ventura also advises that following the completion of the acquisition of 100 square kilometres of 3D seismic data over the Ventura-Mirage Oil Field and surrounding areas, processing and interpretation of the 3D seismic data is well advanced and with the aim of determining three development locations on the Mirage Oil Field.
The forward plan for the development of the Mirage Oil Field is the drilling of three development wells commencing late January 2006. In the event of a successful three well development program, with the placement of the Mirage development wells on artificial lift with beam pumps, gross oil production for the Mirage Oil Field is
expected to reach 1,000 barrels of oil per day by mid 2006. The Mirage Oil Field is interpreted to have the potential to contain recoverable oil reserves ranging from a mean of 1.3 million barrels up to a maximum of 3.6 million barrels.
