Goldie-1 Production Testing Summary
March 15, 2001
Wellington, New Zealand – March 15, 2001-- --Indo-Pacific Energy Ltd. (INDX) advises that the initial production test program of the Goldie-1 oil discovery (INDX 100% on sole risk) has now been completed. The 1,600m zone was produced through a succession of choke sizes over a 32 hour flow period during March 9-10, and performed consistently, with stable flowing pressures throughout. During an 8 hour flow on a ¾” choke, the average flow rate was 588 barrels of oil per day, with associated gas at an average rate of 180,000 cubic foot per day, and nil produced water.
Following a three day pressure buildup, the well was reopened on March 14 to obtain stabilised samples for refinery assay purposes. In the subsequent flow period, average flow rates on a ½” choke improved by about 15% on the original test, to a rate of approximately 600 barrels per day, indicating the well was still cleaning up and improving. The oil is a premium light sweet crude, with low wax content and a pour point temperature below 40 degrees F. The buildup pressure data indicates excellent reservoir pressure maintenance and no evidence for any discontinuities in the reservoir near the well. Interpretation of 3D seismic data indicates that this pool is likely to cover an area of about 0.8 sq km. A net thickness of approximately 12m of oil bearing sandstones has been intersected by the Goldie-1 well. All oil produced during test has been transported to the oil export port of New Plymouth and sold under contract.
The well has now been placed in long term production on a ½ ” choke, and oil will continue to be sold under contract at a price tied to world parity for this grade of oil.
David Bennett : Chief Executive Officer
Web site: http://www.indopacific.com
All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although Indo-Pacific believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Investors are cautioned that any forward looking statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements.