The Adelaide-based company today said the well will be drilled on trend with the recent drilled Might & Power-1 and Revenue-1 discoveries.

Like Rising Fast, Might & Power and Revenue were named after Melbourne cup winners, as was the Rimfire oil find, which was spudded and cased in June and is expected to begin production in December.

However, naming wells after winning horses is not a sure-fire formula. Tawriffic won the 1989 Melbourne Cup, but Tawriffic-1 failed to find significant hydrocarbons.

Managing director Tino Guglielmo - who did not disclose whether he had picked any winners in this year's spring racing carnival - said Dunoon Ridge, where Rising Fast lies, was becoming a “significant” oil-producing centre.

“The Revenue-1 well was drilled on the Dunoon Ridge and resulted in a multi-zone oil discovery (Birkhead, Murta and McKinlay), which recently commenced production on pump from the Birkhead formation at rates in excess of 800 barrels of oil per day,” Guglielmo said.

Might & Power, also drilled on the Dunoon Ridge, recovered oil from the McKinlay formation on test and is now being finished to test the oil potential of the Murta formation.

Thereafter, it is likely to undergo fracture stimulation, Stuart said.

“The well confirms the oil potential of the Dunoon Ridge to the South where additional prospects have been mapped,” it said.

Rising Fast-1 is 70m northeast of the Revenue oil discovery and 3.6km northeast of the Harpoono oil find.

Stuart said the structure has potential oil in place of between 0.5-1.4 million barrels in the Murta formation, the McKinlay member and the Birkhead formation.

Potential reserves estimates range from 200-500 thousand barrels of oil.

Rising Fast will be spudded on or about November 13 once Might & Power is completed.

Stuart has a 66.7% stake in both wells. Beach holds the remaining 33.3% equity.