The company today said Cabbots-1, in permit PEL 107, reached a total depth of 2421m on December 14 and when wireline logs were run over the weekend, no commercial hydrocarbon bearing zones were interpreted.
Great Artesian said as a result, the joint venture decided to plug and abandon the well. The rig is expected to be released today.
Cabbots-1, designed to test a combined Permian fault bound anticlinal trap in the southwestern Patchwarra Trough of PEL107, spudded on December 5.
Great Artesian said the Cabbots prospect was considered prospective because it lies proximal to source rocks, which in the nearby Tibouchina-1 well had oil shows in basal Patchwarra sands.
The primary objective of Cabbots-1 was the Early Permian Patchwarra Formation.
Under the terms of a farmin agreement, Magellan Petroleum Corporation funded Great Artesian’s 60% of Cabbots-1 drilling costs to earn a 30% interest in any subsequent production licence, in the event of a commercial discovery.
Cabbots-1 was the fourth of a five well program in PEL 107. The fifth well, Appadare-1 is expected to spud early January.
Operator Beach Petroleum has a 40% interest, while Great Artesian holds a 30% stake.
