The Trifon Tight Gas Project is funded Jarden Corporation Australia to the extent that the first $5 million of expenditure contributed by them will earn a 50% interest in a defined area which covers both the Trifon and Gangell structures.
The Trifon Tight Gas Project has been designed to produce gas from the Strzelecki Formation after an engineering study reviewing the old wells suggested that future wells should be drilled underbalanced using either a coiled tubing unit or conventional drilling with oil-based muds.
With these underbalanced techniques, the company hopes to substantially lift gas recoveries.
Trifon-2 will be drilled in two stages after which the Hunt drilling rig will be moved to North Seaspray 3, originally drilled in May 2000.
Trifon-2 is located in PEP 157 where an overriding royalty of 5% of the wellhead value of any hydrocarbon production is payable to Roma Petroleum N.L. a former permit holder.
