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The pre drill primary zone of interest is now interpreted to be cemented glauconite sandstone with insufficient permeability to produce hydrocarbons.
Killarney EPRL -1 was drilled in the Victorian petroleum exploration permit PEP 152 with Essential Petroleum Resources (Operator) holding an 84.41% interest and Lakes Oil NL 15.59%.
The Hunt Energy Rig-2 is now being moved to the Findra -1 location 20km to the North of Port Fairy. Findra-1 has primary targets in the Pebble Point and Paaratte Formations up shallow and the deeper Waarre Formation.
Findra -1 well is to be drilled in the Victorian petroleum exploration permit PEP 159 with Essential Petroleum Resources maintaining a 100% interest.
