The updated program follows the release of the Hunt Energy Rig No 2 by Lakes from the North Seaspray-3 well in Gippsland. The rig will be mobilised to PEP 152 in the onshore Otway Basin where the primary target in the well is the Waarre Sandstone.

Essential announced previously that it will undertake 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 company acquired Origin Energy's interests in PEP 152 and PEP 159 and has become operator of both permits. In addition, Beach Petroleum and Essential Petroleum acquired equal shares of Origin's 50% interest in the title to PEP 150.

"Two of the four wells are targeted at oil accumulations, with gas as a secondary objective. Success with any well would mean the first commercial onshore oil discovery in Victoria's history," said Essential Petroleum managing director John Remfry.

Contributing interests in permit PEP 152 are Essential Petroleum 84.41% and Lakes Oil 15.59%.