The company told the market that as of yesterday the well had reached a depth of 4011m.

“There remains around 49m to complete the current 12¼-inch section which will then be cased and cemented before the final 216 mm diameter open hole section in the granite is drilled,” it said.

Total depth is planned for 4252m.

Drilling of Habanero-3 started in mid-August using the heavy-duty Lightning Rig, which Geodynamics specially purchased for $32 million.

Habanero-3 will be Geodynamics’ first commercial scale production well.