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Co-venturer Tap Oil yesterday said Totem-1 was more than 156m down to a target depth of about 2000m. The well is expected to take about eight days to complete.
Tap said Totem-1 was targeting oil in a closure at the Calypso-Legendre Formation, similar in style to the Amulet field discovered late last year in which Tap has a 20% interest.
The Totem prospect is in a graticular block in the WA-191-P lease. The permit lies between the WA-8-L permit, which contains the recent Amulet discovery, and the Santos-operated Exeter-Mutineer oil development.
The Totem-1 participants are operator Santos (33.4%), Kufpec Australia (33.4%), Tap (Shelfal) (23.2%) and Nippon Oil Exploration (Dampier) (10.0%). In the event of a commercial discovery, Tap's stake will rise to 23.2% and Nippon Oil's will reduce to 10%.
