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The Perth company said the well is drilling ahead at 440m and intersected eight seams ranging in drilled thickness between 0.1-2.5m.
According to Eden, the well is in an area considered prospective for the development of a conventional CSM field due to a large area of relatively flat open fields and good coal thicknesses at appropriate depths.
The area is also close to a major industrial plant and would provide a significant potential industrial market for gas with little infrastructure required to deliver the methane to consumers, the company said.
Pencoed-1 has a target depth of 600m and is expected to be completed by early August.
In other company news, Eden said permeability testing on the second well, Llangeinor-1, returned no meaningful results due to hole instability and operational issues.
Llangeinor-1 was completed in May and intersected 18 seams ranging in drilled thickness between 0.1-3.3m.
