The well spudded on Friday and is being drilled with ODE Rig 30.
Innamincka said target depth was 3480m and it was expected drilling would take about 35 days. At 6am this morning (Central Standard Time), the well had reached 1011m and the crew was waiting on cement, having cemented the 244mm surface casing to 1007.8m.
The Ginko prospect is an anticlinal feature along the Coonatie-Lamdina structural trend cross-cutting the central Patchawarra Trough region. Innamincka estimated the potential trap area enclosed by the prospect at 9.3 square kilometres.
“The well will evaluate a number of reservoir targets in the early Triassic-early Permian section,” Innamincka said.
“These units flowed gas on drill stem test at rates up to 3 million cubic feet per day in the producing Coonatie field, five kilometres to the south. Based on a pay thickness of five metres, the prospect has the potential to reservoir 24 billion cubic feet of gas in place.”
Proximity to nearby facilities should enable connection and production from a discovery at Ginko-1, the company said.
After drilling Ginko-1, the rig will pass to another operator before returning to Innamincka to drill three more exploration wells in the last quarter.
Last week, Innamincka announced that drilling equipment supplier, Midcontinent Equipment (Australia), had farmed into Cooper Basin permit, PEL 101.
“In recent years the Midcontinent Equipment Group have been focusing on increasing their business scope, to reduce reliance on their traditional business of supplying equipment to the oil drilling industry,” general manager Peter West told EnergyReview.net.
“The proposed cash investment in PEL-101 will be funded by internal resources.”
Midcontinent Equipment is a supplier of OCTG (oil country tubular goods) and equipment and spares for production and drilling operations. It does not supply drill bits. Midcontinent Equipment (Australia) has offices and warehouse facilities in Perth, Brisbane and Adelaide.
Participants in the PEL 101 Joint Venture (post farmin) are: Innamincka Petroleum Limited (operator) 37.5%, Mid Continent Equipment (Australia) Pty Ltd 25%, and Vernon E Faulconer Australia Inc 37.5%.
