Tri-Valley's Sunrise discovery is 12 km east of VicPet's target areas.
The US-listed company announced that it had logged in excess of 2,000 feet of gas-saturated diatomite/porcelanite with excellent resistivity up to 10 ohms in its Sunrise-Mayel No. 2HR horizontal redrill in the San Joaquin Basin.
Tri-Valley said the well has all the log and geologic features expected and is scheduled for hydraulic fracturing in late June to liberate the natural gas at what Tri-Valley management expects to be commercial rates.
VicPet said: "A successful fracture stimulation of the Monterey Formation as the Sunrise-Mayel #2 HR well with a commercial flow of gas to surface by Tri-Valley Oil & Gas Co. would significantly enhance the Monterey Formation Gas producing potential of the … Kingfisher, Raven and Condor prospect areas."
"The Kingfisher, Raven and Condor prospect areas have an estimated potential to contain up to 1.2 TCF of gas-in-place based on the extrapolation of the reported potential gas-in-place reserves for the adjacent Sunrise area," said VicPet in an ASX release.
VicPet has a working interest for the respective prosect areas of 32.37% in Kingfisher, 90% in Raven and 100% in Condor.
