The development well will be called Yellowbank Creek-4 and is due to spud within the next 2 months.
Enterprise has to drill three vertical wells or two horizontal wells to earn a 50% interest in PL18. Longreach Oil has a 19% interest in Brisbane Petroleum which holds a 50% interest in PL18.
Enterprise will also join Great Artesian Oil and Gas in the Smegsy-1 well this week targetting potential gas reserves of up to 40 billion cubic feet (bcf).
This well will operated by Great Artesian and will test sandstone reservoirs within the Patchawarra and Tirrawarra Formations. Smegsy-1 is located approximately 5km to the west of the Jack Lake gas field and 12km northeast of the Raven and Moonanga gas fields.
Enterprise will earn 25% interest in the Smegsy Block, subject to a commercial discovery being made, by participating in this well. This block is within PEL-106, which is located in the South Australian portion of the Cooper Basin and has already revealed the Nutmeg and Paranta discoveries.
