The company temporarily evacuated the majority of the rig crew after heavy rain across southwest Queensland caused widespread flooding and road closures.
The well, in the Wompi Block of ATP 752P, has reached a revised total depth of 1775m in the Permian-aged Toolachee Formation. Minor oil shows were encountered in a basal Jurassic Sandstone, which did not warrant testing, according to Bow.
The decision to case or plug the well will be made after wireline logs and side wall cores are run and interpreted later this week.
Marracoonda-2 is the first of three back-to-back oil exploration wells of a five-well farm-in program in ATP 752P. It will be followed by Gamma-1 and Nora-1, which have a combined recoverable oil potential in excess of 12 million barrels.
The first three wells target prospects in the Wompi block on trend and near high productivity oil fields. The final two wells are in the Barta block and are conditional on the results of recent seismic programs.
Bow said a preliminary interpretation of the new and reprocessed 2D seismic data indicates several commercial-size oil prospects are present in the block.
The company is fully-carried on the Cooper-Eromanga oil exploration drilling program, with Avery Resources (Australia) funding 100% of each Wompi block well’s cost to casing point or plug and abandonment.
Bow will retain 25% direct working interest after the farm-in program by Avery is completed.
The interests in Marracoonda-2 and ATP 752P (following the completion of the Avery farm-in) are operator Bow with 25%, Victoria Petroleum with 25% and Avery, which will hold 50%.
