EBR said Emily-1 was the first commitment well of a scheduled six well program to be drilled in year one of the permit.
With a total planned depth of 2364 metres, Emily-1 is about 6.5km updip from the 1997 Santos oil discovery at Tarragon-1, which flowed 1,500 barrels per day from the Hutton and 500 barrels per day from the Tinchoo sandstone reservoirs.
“Emily-1 was selected as the first well as it is a simple four-way closure, oil prone, with three separate oil objectives in the Hutton, Poolowanna and Tinchoo sandstones, with P50 recoverable reserves of 10.5 million barrels, if oil is present,” managing director Anthony Rechner said.
“An oil discovery here can be converted into profitable cash flow quickly by tying into nearby existing infrastructure.”
Rechner said the Cooper Basin was proving to be a “great place” to explore, with success rates at nearly 60%, or three in five wells resulting in discoveries.
PEL-182, a 1,745 sq km permit, has over 11 oil and gas leads and prospects mapped for future evaluation, the company said.
The permit was awarded to EBR on the August 10 last year, after strong competitive bidding, the company said.
Participants in Emily-1 are: AuDAX Resources Ltd (39.9%); Eagle Bay Resources NL (operator - 37.6%); Australian Oil Company No2 P/L (12.5%); and White Sands Petroleum Ltd (10.0%).
