Manager of Company Announcements
ASX Limited
Level 8 Exchange Plaza
2 The Esplanade
PERTH WA 6000
By E‐Lodgement
Operations Update
Orca Energy Limited ("Orca" or the "Company") is pleased to provide the following update with respect to its Cooper Basin and Texas joint ventures.
Orca is benefiting from strong cash flow from the Fury JV block with net production of approximately 150bopd from the Burruna Field. This production will fund further exploration in the PEL 110 block and drilling at Seabiscuit later this year.
Burruna‐2After the successful installation of an Electric Submersible Pump (ESP) at Burruna‐2 in March, the well is now currently producing oil from the Namur formation at a rate of approximately 750 bopd with a water cut of approximately 75%. The Burruna Field well has produced approximately 75,000 barrels to date, with Orca on average receiving approximately A$120/bbl due to the premium quality of the oil.
Burruna‐3The Burruna‐3 well is currently shut in awaiting installation of artificial lift equipment. After oil was initially produced to surface during the completion operation the well was temporarily suspended until the flow line and facilities were installed. Since re‐opening the well, the production has been hindered by a heavy fluid column that appears to be holding the well back from natural flow production. This heavy column was also observed in Burunna‐2 in the initial weeks of production until the well stabilised and fines, drilling fluid and loose formation grains were cleared from the well and water cut stabilised. The Joint Venture remains confident that Burunna‐3 will produce strongly once the pump is installed.
PEL 110 BOARD & MANAGEMENTMr Greg Bandy
EXECUTIVE DIRECTOR
Mr Jason Bontempo
NON‐EXECUTIVE DIRECTOR
Mr Jeremy King
NON‐EXECUTIVE DIRECTOR
Ms Rebecca Sandford
Ms Sara Kelly
JOINT COMPANY SECRETARY
REGISTERED OFFICEGround Floor
1 Havelock Street
West Perth WA 6005
POSTAL ADDRESSPO Box 1440
West Perth WA 6872
CONTACT DETAILSTel: +61 8 9488 5220
Fax: +61 8 9324 2400
WEBSITEwww.orcaenergy.com.au
SHARE REGISTRYAdvanced Share Registry
150 Stirling Highway
Nedlands WA 6009
ASX CODEOGY
The processing of the Dundinna 3D seismic is proceeding ahead of schedule with approximately 75% now completed. The initial volumes will be ready to start interpretation shortly with a view to identification of potential drilling prospects for late
2014.
Orca's Joint Venture partner and operator, Dan A. Hughes Company (Hughes), advises that they have now made a final decision on the route to be used to access the Seabiscuit well site location. This route, now from the south, will involve dredging a channel to bring in equipment by barge. This decision was made after consultation with existing landowners to the north as well as with other JV partners and stakeholders in the well. It is seen as the most cost effective route available as well as being more efficient should more wells be required to be drilled in the future. Hughes has now begun the permitting process of dredging which is expected to take several months. The drilling permit approval will be applied for once the dredging is completed. This is most likely to be after the hurricane season, which is usually towards the end of September.
While disappointed with this latest delay, Orca is encouraged by Hughes' commitment to the well and sees this alternate access decision as one that should bring a 2014 spud date to fruition.
In accordance with listing rule 3.15.1 of the Australian Securities Exchange, the Company wishes to advise that effective Thursday 24th April 2014, the Company's share registry will be relocating to the following address:
Advanced Share Registry
110 Stirling Highway
Nedlands WA 6009
The new fax number will be: (08) 9262 3723. All other contact details remain unchanged. For and on behalf of the Board
Ground Floor, 1 Havelock Street, West Perth WA 6005 | Tel: +61 8 9488 5220 | Fax: +61 8 9324 2400 | www.orcaenergy.com.au
ABN 25 009 121 644
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