However, Essential managing director John Remfry said commercialisation of the field will only take place if a sustainable flow rate from the well can be established. "An alternative completion design for the well has been prepared, which, on the basis of the studies to date, could result in a flow of between 500, 000 and 3 million cubic feet of gas per day from the well," Remfry said. "Sustainable flows of gas and condensate within this range are expected to be economic at the Port Fairy location."

A specialised work-over rig has been contracted and it is planned to re-enter the well around the 11 March. Re-completion and testing should take about three to four days.

Essential Petroleum has a 84.41% in Port Fairy-1 with Lakes Oil NL holding 15.59%. Essential has a 100% interest in the re-completion of the well.

Essential saw its share price rise 3.7% to be trading at 14c.