The Sydney-based company will be fully carried through the drilling of Cadenza-1 by Energy Investments, a wholly owned subsidiary of privately held company Everdue.
The Cadenza-1 well, located about 2.5km north-northeast of the 2004 Paranta-1 gas/condensate field discovery, will target an anticlinal feature with the potential to host between 12 (P50) and 28 (P10) billion cubic feet of gas within several levels in the Patchawarra Formation.
Additional secondary potential will be targeted within the underlying Tirrawarra Formation.
Drilling is expected to take 21 days to reach a planned total depth of 3100m.
If commercially successful, both Great Artesian and Energy Investments will hold a 50% interest in the well.
Last October, Energy Investments funded the Paranta 3D Seismic Survey, which helped delineate the Cadenza-1 prospect.
Cadenza-1 is Great Artesian’s sixth exploration well to be fully funded by farminees.
