Coogee Resources took over the Ocean Bounty drilling rig late on Thursday December 22 then towed the rig to the Magnolia location.
Magnolia-1 has a planned total depth of 3,240 metres and is in 94 metres of water in the Timor Sea.
Primary objectives are the Montara Sands at a depth of approximately 2,700 metres with secondary objectives in the Upper Vulcan and Plover Formation Sandstones, according to Norwest.
“The Magnolia Prospect is well defined by 3D seismic and surrounded by oil and gas production and discoveries including Jabiru, Challis, Cassini, Skua, Puffin and Montara,” Norwest said.
“Magnolia has potential for 60 to 100 million barrels of recoverable oil. It is anticipated that the well will take around 23 days on a trouble-free basis.”
Participants in the well are: Coogee Resources (Ashmore Cartier) Pty Ltd 20% operator for the well; Norwest Energy NL 19.6% (permit operator); Bounty Oil and Gas NL 10.4%; Adelphi Energy Limited 15%; AWE (Timor Sea) Pty Ltd 10%; and OPIC Australia Pty Ltd 25%.
