International TME Resources Inc. Announces that Apache Becomes Operator of VIC-P45 in Gippsland Basin.DALLAS -- International TME See Tivoli Systems Management Software. Resources Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :ITME ITME International Textile Machinery Exhibition (India) ) is pleased to announce that Apache has signed an agreement to become the operator of VIC/P45. VIC/P45 consists of 214,896 gross acres and is located in the offshore waters of the Bass Strait Bass Strait (băs), channel, 80 to 150 mi (129–241 km) wide, between Tasmania and Victoria, SE Australia, connecting the Indian Ocean and Tasman Sea; Port Phillip Bay and Melbourne are on the northwest coast. in the prolific Gippsland Basin. Apache agrees to pay 100% of the cost to drill the 1st well; in return Apache will earn a 66.6667% working interest. TME owns 15% of two joint ventures that each own a 1/20 of 1 % over-riding royalty on the total acreage block. Depending on the results from the 1st well, Apache may elect to drill a second well and pay 100% of the cost to drill the second well In addition, Apache has undertaken to assume its share of Royalty obligations to third parties. Upon approval of this transaction by regulatory authorities, Apache will become operator of VIC/P45, and begin to select the drilling location for the 1st well. The well is planned to be drilled after a suitable drilling rig can be contracted. Apache is a well-known operator in offshore Australia, operating approximately 143 offshore wells in the past 5 years. About The Gippsland Basin: In excess of 4 billion barrels of oil/condensate and 12 TCF See Trenton Computer Festival. gas reserves have been discovered in the Basin since exploration drilling began in 1964, with remaining reserves estimated at 600 million barrels of oil and 5 trillion cubic feet of gas. Current production of the basin is around 140,000 barrels per day Barrels per day (abbreviated BPD, bbl/d, bpd, bd or b/d) is a measurement used to describe the amount of crude oil (measured in barrels) produced or consumed by an entity in one day. of crude and 570 million cubic feet per day of gas. At peak rates, the Gippsland Basin can deliver more than 1,000 million cubic feet a day. About VIC/P45: VIC/P45 consists of 214,896 gross acres. VIC/P45 is located offshore in the most prolific oil-producing basin in Australia, approximately 1 1/2 miles east of the Kingfish kingfish, common name for several fishes, among them the croaker and pompano. kingfish Any of various fishes, among them certain species of mackerel and a drum. Oil Field in the Southern Gippsland Basin in the Bass Strait. There are currently (23) producing wells in the field. The permeability in the pay section ranges between 5,000 and 40,000 millidarcies, which is extremely high. On mapping there are 14 structures on VIC/P45, which includes one oil and gas field discovery with 16 pays and over 1,000 feet of pay section and a second with one gas pay section. Approximately $10 Million Worth Of 3D Seismic on VIC/P45 VIC/P45 is prospective for oil and gas at the top Latrobe and also at the deeper intra Latrobe and Golden Beach levels. A number of prospective features have been identified, several of which are analogous to existing Gippsland Basin discoveries. Almost the entire area of the 900 Kms2 permit is covered by a high quality 3D survey acquired and processed by BHP Billiton BHP Billiton is the world's largest mining company.[1] Its origin is in the 2001 merger of Australia's Broken Hill Proprietary Company (BHP) and the UK's Billiton, which has a South African background. The result is a dual-listed company. in early 2003 (replacement cost estimated at approx. $10 million). Further processing is proposed by the operator with respect to depth conversion calculations. The wells drilled in the past in Vic/P45 have tested prospects in all three of the main play groups (top and intra-Latrobe and Golden Beach), with success in the intra-Latrobe and Golden Beach plays. The drilled wells are suitably positioned to help define the extent of the prospective section in the Vic/P45 area. The three hydrocarbon discoveries drilled at Anemone anemone (ənĕm`ənē) or windflower, any of the perennial herbs, wild or cultivated, of the genus Anemone of the family Ranunculaceae (buttercup family). 1A, Archer 1 and Hermes 1 established the existence of working petroleum systems in the permit area. Recent evaluation work has identified appraisal potential in the Archer Prospect. Other targets include numerous structural and stratigraphic stra·tig·ra·phy n. The study of rock strata, especially the distribution, deposition, and age of sedimentary rocks. strat prospects and leads interpreted at intra-Latrobe, top Golden Beach and Emperor Subgroup level. Of the prospects and leads identified by the previous operator, some four of these have been graded very high: Archer/Anemone, Scampi, Archaeopteryx Archaeopteryx (är'kēŏp`tərĭks) [Gr.,=primitive wing], most primitive known bird, a 150 million-year-old fossil of which was first discovered in 1860 and described the following year in the late Jurassic limestone of Solnhofen, and Saratoga. Apache will make the final drilling location decision, but some possible locations are below. Errol Lead The Errol Lead margins one of the northern boundaries of VIC/P45. Its up-dip termination is marked by a strong, structurally concordant "bright spot. This is interpreted as a direct hydrocarbon indicator (DHI DHI see dairy herd improvement. ) related to a possible gas accumulation. It implies the presence of an effective stratigraphic seal that provides an active stratigraphic trapping mechanism. The permit is located in a particularly "oily" part of the Gippsland Basin with significant potential for the presence an oil leg down-dip of the interpreted gas. The lead as presently defined encompasses 2.7 sq km, but its size could be substantially greater if the oil leg extends further down-dip. Neptune & Trident Leads Neptune and Trident are two adjacent leads defined in the central part of VIC/P45 involving interpreted coastal barrier and shoreface sandstones in structural-stratigraphic traps. The upper sandstone was intersected by Helios-1 where a 55 m section is present. Although water wet in this down-dip well location, the sandstones exhibit excellent reservoir properties with high net-to-gross reservoir and porosities that range up to 29% and average between 23% and 25%. The high amplitudes that characterize the interpreted barrier sandstone system of the Neptune and Trident leads are intriguing and could imply the presence of hydrocarbons. The 3D seismic requires additional processing and analysis for a better understanding of the cause of the high amplitude reflections associated with potential sandstone reservoirs. Proposed well calibrated cal·i·brate tr.v. cal·i·brat·ed, cal·i·brat·ing, cal·i·brates 1. To check, adjust, or determine by comparison with a standard (the graduations of a quantitative measuring instrument): inversion and AVO a·vo n. pl. a·vos See Table at currency. [Portuguese, shortened from oitavo, eighth, from Latin oct modeling should help determine the variable contributions of porosity, lithology li·thol·o·gy n. 1. The gross physical character of a rock or rock formation. 2. The microscopic study, description, and classification of rock. (reservoir/seal) and fluids (oil, gas or formation water). Archer and Anemone Prospects The Archer /Anemone Prospects represent the existing oil and gas discoveries made by the Archer-1 and Anemone-1A wells, together with deeper untested potential reservoirs. The oil discovery made in Archer-1 will be the subject of investigation to determine whether there is potential for further oil in the Archer feature, and whether an economic oil development scenario may exist. On the basis of the new 3D data, Anemone-1A is interpreted to have drilled into the Archer fault block. Overpressure overpressure, n excessive pressure applied at the end of a physiologic joint range to confirm the severity of pain, thus helping determine the manual treatments. and poor quality reservoirs encountered in Anemone-1A are now interpreted as being likely to result from drilling into the fault plane. Improvements in reservoir quality may occur up-dip and away from the fault zone. Further potential resources are associated with shallower gas accumulations proven by the Archer-1 and Anemone-1A wells, as well as potential additional gas reservoirs not tested by either well. Deeper horizons in Archer provide the opportunity to explore, at relatively low risk, for a gas resource close to infrastructure and key markets. Summary: VIC/P45 contains a wealth of prospects yet to be drilled, nearly all of which are associated with existing hydrocarbon discoveries. TME management ranks our ORRI ORRI Overriding Royalty Interest ORRI Orthorectified Radar Image ORRI Orlando Regional Rehabilitation Institute (Orlando, FL) under VIC/P45 very highly and anticipates that VIC/P45 may prove to be a substantial resource capable of delivering significant long term cash flow. About TME: The company has royalty interests royalty interest The proportional ownership interest by the owner of oil and gas rights in income produced by the asset. See also overriding royalty interest. in more than 4,651,695 acres located in two-world class petroleum basins in Australia, the Cooper-Eromanga Basin and the Gippsland Basin. Additional financial and management assets are currently being concentrated in acquiring additional acreage in its multi-million barrels of oil field potential in Texas named the Mega-West Field. International Substantial holdings have been acquired in two world class petroleum basins. The Cooper-Eromanga Basin (Onshore) located in the state of South Australia South Australia, state (1991 pop. 1,236,623), 380,070 sq mi (984,381 sq km), S central Australia. It is bounded on the S by the Indian Ocean. Kangaroo Island and many smaller islands off the south coast are included in the state. and the Gippsland Basin (Offshore) located in the Bass Straits and offshore to the State of Victoria. Offshore The Company has acquired royalty holdings in 370,572 acres in the Gippsland Basin. This Basin contains some of the largest fields in the world and wells that are world record Producers. One well in the Halibut halibut: see flatfish. halibut Any of various flatfishes, especially the Atlantic and Pacific halibuts (genus Hippoglossus, family Pleuronectidae), both of which have eyes and colour on the right side. Field has produced 60 million bbls. of oil -- a world record. Many TCF of natural gas have been produced from fields in this Basin. Onshore The Company has acquired royalty interest holdings in 4,281,123 acres in the Cooper-Eromanga Basin. To date, this Basin has produced a total of 11 Trillion cubic feet of natural gas and 450 million barrels of oil have been discovered. Since the first gas discovery in 1963, a total of 123 gas fields and 58 oil fields This list of oil fields includes major fields of the past and present. The list is incomplete; there are more than 40,000 oil and gas fields of all sizes in the world[1]. have been discovered. Note: This document contains forward-looking statements within the meaning of Section 21 E of the Securities and Exchange Act of 1934, as amended. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ for reasons that include but are not limited to political and economic conditions in the countries in which the Company does or intends to do business, regulatory action, product pricing, change in drilling schedules and competitive market conditions. These forward-looking statements represent the Company's best judgment at the date of this document and any changes in assumptions or external factors could produce significantly different results |
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