Three of the wells will be drilled in the highly prospective flanks of the Patchawarra Trough in north-eastern South Australia.
The first two, to be drilled during the next three months, will be operated by Beach Petroleum Ltd to test low-risk traps that each, have the potential for more than one million barrels of recoverable oil, Great Artesian managing director Ray Shaw said.
The wells - Kianga-1 and Tyringa-1 in PEL 107 - will target strucutres adjacent to the lake Hope oil fields which have already produced over 16 million barrles of oil for Santos-led joint ventures.
"These are very attractive targets because they are near existing pipelines and any production can be brought onstream very quickly," Shaw said.
Great Artesian holds a 60% stake in PEL 107; Beach has the remaining 40%.
Great Artesian shares closed up 1.5 cents at 21 cents on Friday.
