The company said in its quarterly report for December 2005 that analysis of the well, which has so far produced over 37,000 barrels of oil, suggested Mirage-1 could produce at higher rates subject to the limitations of pumping equipment.
Impress said this was currently being investigated and any increase was likely to start this month.
The operator, Victoria Petroleum said the Mirage-1 well was expected to produce 250,000 over the next 12 years, during which time which the well would produce under natural decline. Mirage-l has been on continuous production since July last year.
The field is estimated to contain about 4.2 million barrels of in-place oil, with estimated recoverable reserves at over 1 million barrels. Impress CEO Douglas Jendry said the company expected secondary recovery could increase this reserve to over 1.5 million barrels.
“It must be emphasized that this is an estimate based on the performance of the Mirage well combined with the results of the 3D survey,” Jendry said.
“Impress expects the appraisal wells to intersect better reservoir sands in the Murta and have improved production profiles. Following the drilling of the three appraisal wells, further information will be acquired prior to embarking on a field development program that could involve the drilling of up to seven wells.”
Impress said results from the 3D seismic survey were encouraging from both a production and exploration perspective. The survey concluded that the Mirage oil field covered a 2.5-sqkm ‘L’ shaped feature trending north to south. Mirage-1 appears to be slightly northeast from the crest.
The Jindivik and Lightning structures, several kilometres east of Mirage, were confirmed as targets.
The results have also determined three appraisal locations to the north and south of Mirage-1, designed to intersect both a structurally high area and a positive seismic attribute, Impress said.
The company expects these wells will intersect Murta with improved reservoir characteristics and associated production. The first appraisal well, Mirage-2, will be about 580 metres northeast of the exploration well and is expected to start drilling on January 23, according to Impress.
Meanwhile, the report also said the Ventura-1 well, currently producing about 75 barrels of oil per day, is estimated to contain 44,000 barrels of ultimate recoverable reserves to be produced over three years. The well has produced 11,000 barrels to date.
Impress said further analysis of the 3D data was continuing and could lead to further drilling locations. But no drilling was planned for the Ventura field this year.
Partners in PEL 115 are Victoria Petroleum (operator) 40%, Roma Petroleum 20% and Impress Ventures 40%.
