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MENAFN - ProactiveInvestors - Australia - 14/11/2012

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(MENAFN - ProactiveInvestors - Australia) Neon Energy (ASX: NEN) is preparing to production test the Paloma Deep-2 well onshore California that will confirm the ability of the target formation to produce oil and gas.

The company will start testing after it completes reconfiguration of the downhole test equipment and results will be announced after stabilised flow rates have been achieved.

Testing of the Paloma Deep-1 well had confirmed that the target Lower Stevens Formation was responsible for the commercial oil and gas flow from the earlier well.

Paloma Deep-1 had flowed 226 barrels of oil/condensate and 1.9 million cubic feet of gas per day though a leaking packer had prevented Neon from initially discerning whether the flows were coming from the Lower Stevens or the underlying Fruitvale Shale.

Lessons learned at Paloma Deep-1 were applied to Paloma Deep-2, which was engineered to mitigate the problems encountered in the earlier well.

Neon holds a 85% stake in Paloma.

In Vietnam, preliminary data from the 3D seismic over Block 120 has shown that the prospective Oligocene synrift section is thicker than previously thought.

A well drilled by BHP Billiton Petroleum (ASX: BHP) did not penetrate the synrift section, indicating that it was deeper than expected.

The increased thickness and depth of the synrift section provides new potential for an additional hydrocarbon "kitchen" to source Oiligocene and Miocene reservoirs.

 






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