The well is a follow-up to the Port Fairy-1 discovery well and will target gas and light oil in the Waarre Sandstone at a depth of about 1,414 metres.
The most likely recoverable resource is 10.9 billion cubic feet of gas, with estimates ranging between 6 and 18 billion cubic feet of gas. However should the well discover oil, the estimated potential resource is 9.1 million barrels of oil, with estimates ranging between 5 and 16 million barrels of oil.
Killarney EPRL-1 is part of a four well drilling campaign in the Otway Basin over the next 8 to 12 months as part of an accelerated search for an onshore oil field.
The interest holders in PEP 152 are Essential Petroleum Resources (Operator) 84.41% and Lakes Oil 15.59%.
