Drilling of Flax-5 reached a total depth of 2777 metres at 6am (EST) this morning, following which Innamincka started running wireline logs.
The company’s share price opened this morning at 79c, but by 11am it had added a further 29c to trade up around the $1.08 mark.
The drilling campaign is aimed at appraising the Flax-Juniper oil discovery and exploring for an oil accumulation north of the Yarrow field in PEL 103.
After Flax-5, the rig will drill an additional development well, Flax-6, followed by Yarrow North-1, which will explore the potential for an oil accumulation north of the Yarrow gas field.
Two appraisal wells on the Juniper oil field are then scheduled to further evaluate the primary basal Patchawarra-Tirrawarra Sandstone target interval, as well as test the potential of sandstones within the upper Patchawarra and Toolachee Formations, which were found to be hydrocarbon-bearing in the Juniper-1 well.
Participants in the PEL 103-PRL 14 project are: Innamincka (operator) 75% and Seoul City Gas 25%.
