DRILLING

Waingaromia -2 disappoints

Despite a gas kick last week which put a spark underneath the share price of some of its particip...

The well had reached a depth of 500 metres after being continuously cored. Gas shows were recorded during the drilling and consequently flared but Pancontinental said all shows were from fractures or faults and were deemed uneconomic.

It also said fossil age determinations indicated that no significant sandstone reservoirs are likely within this section of the stratigraphy. The stratigraphic section to 502m was (lower Mid Miocene age) mudstones with minor tight siltstones, limestones and tuffaceous sandstones.

Participants are Pancontinental Oil & Gas, Indo-Pacific Energy , Origin Energy and Sun Resources.

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