Its farmin partners will fully fund the drilling costs of the three wells – Rossco-1, Udacha-1 and Middleton-1.

The first of three successive wells to be drilled, Rossco-1, is about 5km north of the Smegsy-1 gas/condensate field and 4 km south of the Paranta-1 gas/condensate discovery in PEL 106.

Rossco-1 will target a structural anticline with the potential to host P50 reserves of 12.8 billion cubic feet of gas and P10 reserves of 27.4 BCF.

A week ago, Great Artesian announced it would earn A$2.2 million from two farmouts to Blue Energy subsidiaries, including Kompliment Pty Ltd funding 75% of the Rossco-1 to earn a 37.5% interest in any production licence if it makes a commercial discovery.

After Rossco-1, operator Beach Petroleum will spud Udacha-1 on a structure straddling PELs 91 and 106. This well will test a faulted anticline on the eastern plunging edge of a prominent structure, the Kuenpinnie Nose.

Its primary objective is the Patchawarra Formation, with secondary targets in the Toolachee and Epsilon formations, and the Tirrawarra Sandstone. Each of these reservoir intervals is already commercially productive in the Cooper Basin, Great Artesian said.

With a potential to contain 2.3 million barrels of recoverable oil or 10.5 billion cubic feet of gas, the Udacha prospect is three kilometres west of Carrickalinga-1, which recovered only 1.2 barrels of muddy oil on test from the Patchawarra Formation on test and flowed minor gas to surface.

Interests in any production licence following a commercial discovery at Udacha would be: Great Artesian (32.5%), Beach (15%), Enterprise Energy (12.5%), Rawson Resources (10%) and Magellan Petroleum (30%).

Immediately following Udacha-1 in late January or early February, the joint venture plans to spud Middleton-1. It will target an structure down-dip of Udacha and has some potential for a stratigraphic component, Great Artesian said.

Beach, which will operate and fund all drilling costs, will earn a 50% interest in the production licence if Middleton-1 is successful.

Formation sandstone reservoirs in the structure has the potential to host about 27 billion cubic feet of gas (P10), Great Artesian said.

Last month, Great Artesian acquired 138km of 2D seisimic data and last week completed 82.5 square kilometres of 3D seismic, fully funded by Energy Investments.

The company says data from both surveys will provide potential drilling targets for next year.

“This was the first 3D seismic survey conducted within PEL 106,” managing director Ray Shaw said.

“It is designed to provide robust and continuous seismic coverage across what is considered, on the basis of the Paranta-1 gas/condensate discovery, to be a highly prospective portion of the block.”