As at 12.30pm AEDST Innamincka was trading at 87 cents, up from the previous day’s close of 62 cents – a rise of 40.3%. The day’s high was $1.10.

The Juniper-1 exploration well intersected oil-saturated sandstones in the basal Toolachee Formation and also in the basal Patchawarra/Tirrawarra Sandstone with oil recoveries from drill stem tests of both intervals.

On 20 October – while the well was still being drilled – Innamincka gave an estimate of 12 MMSTB of oil in place at Juniper-1.

But in yesterday’s announcement – after completing the well – Innamincka revised its estimate to 24 MMSTB as the minimum in-place oil resource for the Patchawarra/Tirrawarra zone.

In addition, analysis of the now-available pressure data indicates a trap area of 40 square kilometres with a likely in-place oil resource of 100 MMSTB.

No estimate of the in-place oil resource present in the basal Toolachee Formation has been made due to insufficient knowledge of the areal distribution of the productive sandstone unit. The gas in-place potential based upon the log-interpreted gas pay in Juniper-1 is around 52 BCF.

Innamincka is the operator of the PEL 103 Joint Venture (with a 35% interest). Its partner is US private company Vernon E Faulconer Australia Inc.