Rossco-1 is the first of three back-to-back wells to be drilled in the company's southwest Patchawarra Trough interests.

Immediately following the completion of Rossco-1, the rig will move to drill Udacha-1 and then Middleton-1, also in PEL 106.

Located 5km north of the Smegsy-1 gas field discovery, Rossco-1 will target a structural anticline in the Patchawarra Formation below a depth of 2600 metres.

The structure has the potential to contain P50 reserves of 12.8 billion cubic feet of gas and P10 gas reserves of 27.4 billion cubic feet, Great Artesian said.

The well is expected to take 25 days to reach a total depth of 3000 metres, it said.

Upon a commercial discovery, Great Artesian will retain a 50% interest in the well, which is to be fully funded by farminees Enterprise Energy and Energy Investments.

Energy Investments moved to acquire all of Blue Energy’s assets earlier this month. This included funding, via secured investment convertible investment loans, farm-ins worth A$2.2 million for Blue Energy to join two Great Artesian Oil & Gas exploration projects in the permit.

Joint venture partners in Rossco-1 are: Great Artesian Oil and Gas (50%), Energy Investments (37.5%) and Enterprise Energy (12.5%).