Earlier this month, Essential and partner Bass Strait Oil told the ASX the well was expected to spud on March 20 (yesterday), subject to rig availability.

In its latest report, Essential said Hunt Energy & Mineral’s Rig 2 was released late yesterday and would be mobilised today from the Gippsland Basin to PEP 151 in western Victoria’s Otway Basin.

With drilling preparations now completed, Essential said it expects Pritchard-1 to spud early next week.

Pritchard has a potential mapped volume of 4 million barrels of recoverable oil at the Pebble Point horizon, and 10 million bbls of recoverable oil or 17 billion cubic feet of recoverable gas at the Sherbrook Group reservoir. However, a commercial oil play has not been discovered in the Otway Basin for 139 years.

The primary target is the Pebble Point Formation at the base of the Tertiary at a depth of about 1300m, with secondary targets in the lower Sherbrook Group. The Pebble Point play has generated multiple oil shows and recoveries in PEP 151 and adjacent areas.

The Pritchard Prospect is mapped as a predominantly anti-clinal closure, up-dip from fluorescence shows encountered at the Pebble Point level in the adjacent Henke-1 well that was drilled in 1987.

Under recently formalised farm-in terms with permit operator Essential, Bass Strait can earn a 25% interest in the PEP 151 permit by contributing to the Pritchard-1 well. In addition, the company has an option to earn a 15% interest in the adjacent PEP 150 permit application, which contains the Lindon-2 oil discovery.

Early last month, private petroleum firm Inland Oil Resource farmed-in to PEP 151 with a 25% interest.

Essential holds the remaining 50% stake.