OIL

Mechanical failure at Cleansweep-1: Stuart

RIG failure has forced Stuart Petroleum to temporarily stop drilling the Cleansweep-1 exploration...

The Adelaide-based company said repairs to the rig are expected to take about one week.

Drilling was suspended at a depth of 2037m, about 600m from total depth.

Spudded nearly a fortnight ago, Cleansweep-1 is targeting 950,000 barrels of oil at the P50 level of confidence in the Paning, Birkhead-Hutton and Poolowanna Formations, with secondary potential in the Tinchoo Formation.

Stuart took over operatorship and acquired 50% in PEL 100 in May from the other partners Cooper Energy, Sundance Energy, Enterprise Energy and Liberty Petroleum.

The PEL 100 JV had a disappointing drilling campaign last year, when three consecutive wells – Fairbridge-1, Strickland-1 and Geordie-1 – were plugged and abandoned after failing to encounter commercial hydrocarbons.

Once drilling is finished, interests in PEL 100 will be: Stuart (operator – 50%), Sundance Energy (23.333%), Cooper Energy Limited (19.167%), Enterprise Energy (5%) and Liberty Petroleum Corporation (2.5%).

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