ImageAnnual Report

QUARTERLY REPORT FOR THE PERIOD ENDING DECEMBER 31, 1999

HIGHLIGHTS FOR THE QUARTER

  1. Commencement of drilling of Cadart-1 on the Gouaro Prospect in New Caledonia in late November 1999, the encountering of live oil shows in the well, the recovery of gas to surface on testing over the interval 1,619-1,930 metres and the current sidetrack to re-drill and re-test a partial lost circulation zone over the interval 1,534-1,600 metres.

  2. December 1999 gas discovery in the second well in the Green River Basin, Greens Canyon-2, (UPRC #29-2) with probable gas reserve potential for the Greens Canyon gas project development of up to 152 billion cubic feet of gas.

  3. Commencement of preparations for early February 2000 drilling of the up to 1.2 trillion cubic feet and 150 million barrels oil Pipedream Prospect with the drilling of Ekho-1 by adjacent lease holder Tri-Valley Corporation and partners.

  4. Early March 2000 drilling of the highly prospective White Opal Prospect in Carnarvon Basin permit EP 325 with target oil potential of up to 247 million barrels of oil or 880 billion cubic feet of gas, if hydrocarbons are present.

  5. Continuing evaluation of the Sage-1 oil discovery in offshore Carnarvon Basin WA-254-P with possible Saffron Sandstone oil reserve potential of up to 27 million barrels, subject to further development drilling.

  6. Increase in shareholding from 18.6% to 19.4% in US NASDAQ listed oil and gas production company Kestrel Energy, Inc. by participating in Kestrel Energy, Inc December share placement at US$2.70 per share.

  7. Net oil and gas production for the December 1999 quarter of 14,777 barrels oil equivalent equal to 161 barrels of oil equivalent per day for 19.4% owned Kestrel Energy, Inc, a US NASDAQ public company.

  8. Planned participation in a drilling program of up to twelve wells in the next nine months as per the attached planned 2000 Drilling Schedule.

Index
Highlights | Exploration

Horiz Line

[ Corporate ] [ Drilling Report ] [ ASX ] [ Quarterly Report ] [ Annual Report ]
[ Permit Inventory ] [ Prospect Drilling Schedule ] [ Farmin Opportunities ]
[ Internet Links ] [ Feedback ] [ Contact ]
[ Home ]