Perth-based Victoria Petroleum NL has embarked on a 20-well drilling program in Australia and the USA over the next eight months. This schedule includes 14 domestic wells and six in Texas and Colorado.

VicPet has the largest exploration position in South Australia’s and Queensland’s Cooper Basin and is currently drilling at the Growler-2 Oil Field in the Cooper Basin where it hopes to build on earlier exploration success.

Managing director John Kopcheff believes VicPet is poised for growth and is undervalued when analysed in terms of its strong cash flow from oil production and its current drilling program.

“Our Cooper Basin gross oil production is 250 barrels per day with a planned gross increase to 1000 barrels per day by the end of this year. We’re also sharing in gross oil production of 3200 barrels per day in the North Perth Basin as well as 2 million cubic feet per day from the Magarita Gas Exploration and Production Project and the Flour Bluff Gas Field in Texas”, he said.

In South Australia, VicPet is the operator for the PEL 104 Joint Venture which is drilling the Growler-2 appraisal well on the Growler Oil field to test the 16 metre oil column discovered in the Jurassic Birkhead Formation in Growler-1. Growler-2 – now rain interrupted – will be drilled to a depth of 1,785 metres.

Mr Kopcheff said the results of Growler-2 together with Growler-1 and the adjacent Wirraway-1 oil discovery will determine the forward development strategy for the Growler-Wirraway Oil fields. “Following the production results for Growler-1 it appears that good oil producing rates can be achieved from the Birkhead sands in this area. If this is confirmed by results from Growler-2 it could lead to a large development drilling program of the same style as the successful Santos ‘Cooper Oil Project’.”