The current operation is pulling out of hole prior to logging after the well penetrated a section of the lowermost Waarre Formation containing a number of sands interbedded with sandy clay stones.
Gas levels ranged from a low 4units to a moderate 38 units over the interval. The reservoir quality and hydrocarbon content of those sands will be evaluated from wireline logs and a decision as to the future progress for the well will be made following the evaluation.
Essential’s stock price is down to 10.5 cents from 13 cents on Wednesday, continuing a slide from highs of 17.5 cents in January.
The Killarney EPRL-1 well is located five kilometres to the east of the Victorian coastal town of Port Fairy and 12 kilometres south of the Western Victorian Portland to Port Campbell gas pipeline.
The interest holders in PEP 152 are Essential Petroleum Resources (Operator) 84.41% and Lakes Oil 15.59%.
