Goodwin-1 Well Initial Core Results Confirm Gas

Goodwin-1 Well Initial Core Results Confirm Gas Presence

L&M Petroleum (LMP) today announced that initial laboratory analyses of coal samples extracted from the Goodwin-1 exploration well confirmed the presence of gas and indicated that the coals at the well location have very low water content. 

Initial gas desorption test results, using the fast-track “crush” method, indicated that the sampled Morley coals contained gas contents of up to 4.42 cubic metres of methane per tonne of coal and were over-saturated with gas, containing only a small quantity of water. 

JohnBay, LMP’s Managing Director and Chief Executive Officer said, “These results are very encouraging and are consistent with data from coal seam wells drilled in the adjacent Ohai permit.  We are now undertaking further, detailed laboratory analyses, which will progress in two further stages.  We expect isotherm analysis results within the next six weeks.  Results from the detailed full desorption analysis will take 2-3 months.  We will progress our well drilling programme in parallel with the laboratory work.”

A total of 11m of coal was recovered from the Morley Formation during coring operations.  Samples were preserved in 15 pressurised containers and sent to various specialist laboratories where they will undergo further coal characterisation and gas desorption analysis. 

The Washington’s #8 drilling rig is currently being mobilised to the Wairaki drilling location in the adjacent permit, PEP 38238 (Blackmount), where it is programmed to drill two stratigraphic test holes to establish the depth of the top of the Beaumont coals in the northern end of the Takitimu South trend.  A third well will then be drilled to obtain cores of the entire coal sections.  The first stratigraphic well, Wairaki Strat-1, is expected to commence drilling operations over the next 24 hours.

The Wairaki Strat-1 well, located in PEP 38238 (Blackmount) (see map), is the second of up to eight wells the Company plans to drill in 2008 to determine the extent of the potential coal seam gas resources contained within its onshore Western Southland Basin permits in the South Island of NZ.  The Company’s initial technical analysis indicates its Southland permits may hold up to 300 PJ of CSG resources. 

ENDS

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