Meanwhile the company is set to spud the Cooper Basin Smegsy-1 well on Wednesday, about 5km to the west of the Santos-operated Jack Lake gas field and 12km northeast of the Raven and Moonanga gas fields.

Pre-drill estimates indicated primary and secondary reservoirs held between seven and 40 billion cubic feet (BCF) of recoverable gas with a most likely value of 19BCF of gas based on the reservoir characteristics of surrounding gas fields.

Great Artesian has a 100% interest in Nutmeg-1 while Enterprise Energy has an option to acquire 25% of Smegsy block by funding 50% of the well costs.