FAIRSTAR Resources and Knight Industries are preparing to drill an oil well in PEP 165 in the Mur...
Site preparation has been completed and a Hunt Energy drilling rig is being mobilised to the area and is expected to drill the well on June 10.
The rig is expected to take about two weeks to drill the well to its planned total depth of 1000m.
Fairstar has paid Knight $1 million for the cost of drilling the well to earn a 60% stake in PEP 165.
The company has previously said that existing regional seismic data has shown that Cooper Basin equivalent sections may be present in the permit.
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