3km south-west of the discovery well in the Vulcan sub-basin near the Ashmore Islands, would be pleased that drilling has confirmed the presence of an oil accumulation.
One of the partners in the AC/P17 Joint Venture, Woodside Petroleum, told the Stock Exchange that technical difficulties prevented any wireline logging activities and the well has been plugged and abandoned. Other partners in the JV include the Austria-based OMV (35%), and the Japanese Cosmo Oil Ashmore (35%).
In February the discovery well, Audacious-1, encountered an 11.5m oil column and a production test resulted in a flow rate of 9100 barrels a day. No doubt the partners would have encouraged by the encountering of oil so far from the original discovery.
