L&M Petroleum Limited (NZE:LMP)
Auckland, April 2, 2009 AEST (ABN Newswire) - L&M Petroleum Limited (NZE:LMP)(PINK:LMPDF) is pleased to announce that drilling operations are set to commence in the Company's petroleum exploration permits, PEP 38226 (Waiau) and PEP 38238 (Blackmount) located in onshore Western Southland Basin on the South Island of New Zealand. The drilling program is designed to confirm the coal seam gas potential in the Company's onshore Western Southland Basin permits, which initial analysis indicates may hold up to 300 PJ of CSG potential resources.
Mobilisation of the Washingtons Exploration D24 drill rig to the site of the first well to be drilled in the 2009 program, Bogle-1, is underway and drilling operations are expected to commence by the end of the week. The Bogle-1 well is programmed to drill to 585m to further evaluate the Beaumont formation coals previously encountered in the Goodwin-1 and Wairaki-1 wells and to test the deeper, more gas rich, Morley coals. The well is expected to take 26 days to reach its total depth. Upon completion of the Bogle-1 well, the rig will be moved to drill the Mt Linton-1 and Belmont-1 wells back-to-back.
The 2009 CSG drill program will see up to a further four wells drilled this year, including the first stratigraphic wells programmed to confirm the extent of the Beaumont coals in each of the Takitimu North and Longwoods coal trends.
Contact
John Bay
Managing Director / CEO
L&M Petroleum Limited
Tel: +64-4-473-0415
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