Located in ATP 608P Remainder Block, the well reached a depth of 1531 metres in the primary Boxvale Sandstone and Basal Evergreen Sandstone targets at 8am WST yesterday without encountering any significant hydrocarbons, Oilex said. At that time drilling had reached basement and was pulling out of the hole for wireline logging, the company said.

The previous day, Oilex released an ASX report saying that at a depth of 1478 metres Pinnable West-1 had also failed to present hydrocarbon shows during drilling of its secondary target in the Hutton Sandstone.

Participants in ATP 608P Remainder Block, Pinnacle West-1 well are: Seqoil Pty Ltd (operator and wholly owned subsidiary of Oilex - 48.125%); Victoria Petroleum NL (24%); Bow Energy (20%); and private interests (7.875% - from which Oilex NL will acquire an additional 1.375%).