With upside of a four-million-barrel potential of recoverable oil, the Cowrie-1 exploration well in PEL 27 is scheduled to be the fourth well drilled in a multi-well program currently underway in the Otway Basin. But Essential Petroleum said drilling was subject to the completion of three wells in the Port Campbell region in the east of the basin.

Expected to take 11 days to reach its target depth of 1408 metres, Cowrie-1 lies on the Penola Trough, north-west and updip of the Katnook, Haselgrove and Ladbroke Grove gas fields.

“PEL 27 is ideally positioned to trap hydrocarbons migrating out of the trough as demonstrated by the recovery of oil in Sawpit-1 and the flow of oil to the surface at Killanoola DW-1,” said Essential Petroleum managing director John Remfry.

“Both wells were drilled in PEL 27 and are on trend with Cowrie.”

Meanwhile, the Childers Cove-1 well in PEP 154 had reached a depth of 1847 metres as at yesterday morning and was drilling ahead in the Skull Creek Mudstone, according to Beach Petroleum.

The Beach-Origin joint venture expects CC-1 will take 17 days to reach its planned total depth of 2536 metres.

Located about 6km north-west of the Croft gas field, the well will test the gas potential of a low side fault trap at the Waarre Formation level.

Joint venture partners in PEP 154 are: Origin Energy (operator – 90%) and Beach Petroleum (10%). The partnership in PEL 27 comprises Origin Energy (50%), Beach Petroleum (operator and 30%) and Essential Petroleum (20%).