Drilling started at 8pm on April 21, and at 6am yesterday Cuisinier-1 was 227m deep, VicPet said. The well's total depth of 2513m should be reached in 15 days.
It will target a seismically defined four-way closure in the Hutton and Doonmulla sandstones, which have the potential to contain 2.1 million barrels of oil. The Namur Sandstone is a secondary target.
Cuisinier-1 is the first of three wells that Santos is to drill in the Barta Block. A further four wells are to be drilled in the Wompi Block.
VicPet and Bow Energy are fully carried for seven oil exploration wells and 3D seismic in ATP 752P. Each company will retain 15% working interest after the farm-in is completed
VicPet managing director John Kopcheff said having Santos as operator offered significant advantages.
"VicPet can see these advantages carrying through to the development and early production of oil from any discoveries made," he said.
"In the event of exploration success at Cuisinier-1, we would expect to see the well connected to the Santos-operated Cook Oil Field, approximately 6 kilometres to the east of Cuisinier-1."
Kopcheff said the drilling complements VicPet's exploration and drilling program in South Australia in PEL 115 and the PEL 104 /111 Western Margin Oil Project, where the Growler Oil Field has just begun oil production at a time of high oil prices.
"The experience gained in ATP 752P will be of value to VicPet in its development as the operator of a similar-style Cooper Oil Project for the Jurassic Oil Fairway being explored and developed in Vicpet's Cooper Basin Western Margin Oil Project permits in South Australia," he said.
The Barta/Wompi joint venture comprises farm-in partners Santos (40%) and Canadian company Avery Resources (30%), as well as VicPet and Bow Energy (15% each).
