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L&M’s Eastern Bush-1 dry, but shows at Sharpridge Creek-3
12 June 2007 - L&M Petroleum Ltd reports that its first deeper well in this season’s drilling campaign at Eastern Bush-1 in western Southland had been plugged and abandoned.
The Wellington-based company said that well log analysis from the well indicated insufficient hydrocarbons to warrant continuing the well to basement.
Meanwhile L&M Petroleum reported hydrocarbon shows from its shallow well Sharpridge Creek-3 well north of Eastern Bush and west of Ohai. This well, is being drilled by the Washington Exploration rig.
All wells being drilled this quarter by L&M Petroleum are in onshore PEP 38 226 in the Waiau Basin.
The company reported that Sharpridge Creek-3 had encountered the target Beaumont Formation at a depth of 264 metres (field top), some 9 metres low to prognosis.
L&M said spot sampling between 270 to 300 metres recorded traces of fluorescence associated with slow streaming cut in sandstone and fair oil shows of dull yellow fluorescence with bluish white cut within interbedded coal seams. These shows were approximately 40 metres higher than the shows encountered in the Sharpridge Creek-1 well drilled in 2006.
The Sharpridge Creek-3 well reached total depth at 470 metres and was temporarily suspended pending evaluation of the down hole data.
The earlier Sharpridge Creek-2 well was plugged and abandoned after encountering basement at a shallower depth than expected. The rig was moved a short distance to drill Sharpridge Creek-3.
Meanwhile L&M Petroleum moved the Bonus Drilling’s rig No. 2 from the Eastern Bush site and began drilling the Dean-1 gas prospect on May 24. Dean-1 well is evaluating the hydrocarbon producing potential of the McIvor limestone formation along the Beaumont trend on the western side of the Waiau Basin.
L&M Petroleum is 100% owner of the Sharpridge Creek prospect. Energy Company Mighty River Power is funding 100% of the cost of the Dean-1 well and will earn 50% of the equity in PEP 38 226. The Eastern Bush-1 well was drilled as a 50-50 joint venture between L&M and Mighty River.
Source: L&M Petroleum
