The Neptune-3 well encountered two reservoirs totalling 150 feet of net oil pay over a 450 feet gross column in waters over 6000 feet deep. The well was temporarily abandoned pending re-entry decisions.
The latest discovery is on trend with BP/BHP's developments at Mad Dog and Atlantis. A Woodside spokesperson said their strategy in the Gulf of Mexico meant that operators such as Marathon, who operated the nearby Kansas prospect as well as having a direct 30% interest in Neptune, were now approaching Woodside to participate in further programs.
The spokesperson said that Woodside would take up Marathon's offer of drilling the Kansas prospect, which is also on the Mad Dog / Atlantis trend, at the end of this quarter.
BHP Billiton Petroleum's President Deepwater Discovery and Appraisal, Steve Bell, said: "We knew we had oil in the reservoir but previous results suggested that the flow characteristics of the fluids from Neptune-2 were poor and inadequate to sustain a commercial development.
"However with this well result we have not only confirmed the oil column, but also demonstrated that the hydrocarbons have significantly better flow properties, offering the potential for development - but we will need to evaluate all the data and carry out further appraisal activity in order to fully assess the commercial potential of the accumulation."
