The company will earn a 33.33% interest in the new block located on the southwestern end of the highly productive Murteree Horst, which has a number of proven oil fields to the northeast.
The Block is ideally located to access oil sourced from thick Permian sediments to the north and south of the Horst.
The Saintly-1 well itself will be operated by Stuart Petroleum and is located 8.2km southwest of the Calamia West-1 oil discovery and approximately 50km south of the Moomba oil and gas processing plant.
The well is expected to reach its first target after 4 days of drilling and to be at total depth after 10 days of drilling.
