DRILLING

Culverin finds hydrocarbons, but will be plugged: Nexus

AFTER reaching a total depth of 3758 metres on Friday, wireline logs indicate the Culverin-1 well...

Culverin finds hydrocarbons, but will be plugged: Nexus

On December 29, the company announced that Culverin-1 intersected the upper reservoir target level – the Culverin prospect – without finding any indications of hydrocarbons.

Even though the well, which will be plugged, did not result in a commercial discovery, Nexus managing director Ian Tchacos said it demonstrated that oil was migrating though good quality sands in the area.

“Though it is unlikely that this accumulation will contain economic hydrocarbon volumes the results are encouraging in the context of the prospectivity of the Vic/P56 permit and the adjoining Vic/P49 permit,” Tchacos said.

“Despite the overall results we are pleased with the drilling program at the Culverin-1 well, the first we at Nexus have operated.”

He said the well operations were conducted safely and efficiently. Tchacos also expected the completed exploration program would come in on or below the budget.

“While the Culverin well did not provide Nexus with a commercial oil discovery on this occasion, the financial exposure to shareholders has been minimal as a result of the company’s ongoing strategy of funding drilling operations via farmout,” he said.

Joint Venture interests in Vic/P56 and the adjacent Vic/P49 permit areas are: Nexus Energy Limited (operator - 40%); Korea National Oil Corporation (30%); Seoul City Gas Company Ltd. (20%); and Anzon Australia Limited (10%).

TOPICS:

A growing series of reports, each focused on a key discussion point for the energy sector, brought to you by the Energy News Bulletin Intelligence team.

A growing series of reports, each focused on a key discussion point for the energy sector, brought to you by the Energy News Bulletin Intelligence team.

editions

ENB CCS Report 2024

ENB’s CCS Report 2024 finds that CCS could be the much-needed magic bullet for Australia’s decarbonisation drive

editions

ENB Cost Report 2023

ENB’s latest Cost Report findings provide optimism as investments in oil and gas, as well as new energy rise.

editions

ENB Future of Energy Report 2023

ENB’s inaugural Future of Energy Report details the industry outlook on the medium-to-long-term future for the sector in the Asia Pacific region.

editions

ENB Cost Report 2021

This industry-wide report aims to understand current cost levels across the energy industry