Operator Cooper Energy, which has a 38.33% interest, said the evaluation of wireline logs indicated a lack of commercial hydrocarbons across the objective sections in the Triassic age Tinchoo Sandstone and the Jurassic age Poolowanna Sandstone and Basal Birkhead/Hutton Sandstone.
Other partners and interests in the well are Sundance Energy (46.67%), Enterprise Energy (10%) and Liberty Petroleum (5%).
Over the next 24 hours, Cooper will plug and abandon the well, before moving the rig to spud the Geordie-1 well in PEL 88 on or around next Thursday, February 9.
The first reservoir objective is expected to be encountered seven days after spud or around February 16.
With a planned total depth of 2600 metres, Geordie-1 is the third well in Cooper Energy’s 2006 drilling program.
The Geordie prospect, which lies in the south of PEL88, is a robust four way dip closed structure with two crests. The Geordie-1 well is drilling the southern crest of the prospect.
Cooper Energy said the well would target three three potential reservoir horizons – Birkhead/Hutton, Poolowanna and Tinchoo.
Cooper said technical evaluations indicate a discovery could yield 7.5 million barrels of mean recoverable oil.
The joint venture participants in the well are Cooper Energy Limited (30%), Sundance Energy Australia Limited (45%), Enterprise Energy NL (10%), Victoria Petroleum NL (10%) and Liberty Petroleum (Inc.) (5%).
