Australian Victoria Petroleum hoping to drill on former U.S. Navy base

Aug 09, 1999 02:00 AM

Australian junior oil and gas explorer Victoria Petroleum is hoping to use a former U.S. Navy base to drill a potentially large oil discovery.
After a number of years of negotiations with various governments, Victoria Petroleum has finally gained approval from the Western Australian and Federal authorities to drill the White Opal-1 well just off the coast of the environmentally sensitive North West Cape.
Now it is negotiating with the Commonwealth's contractor on property matters to gain access to the drilling location at the Harold E Holt Naval Base. The former high security base located on the tip of the North West Cape has been abandoned for some time by the US Navy a number of years ago, but still remains off limits.
However, Victoria Petroleum remains confident it can obtain final approvals for the drilling of a well in the first quarter of 2000. The long wait so far could be well worth it as the prospect is estimated to have the potential to contain around 250 mm barrel.

Source: IINX via Iinoil
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