The company said the well was placed on extended production test (EPT) on the weekend, and brought online on Monday.
Output has been ramping up throughout the week, so that yesterday Jacaranda Ridge-2 was flowing at 4.4 million cubic feet of gas and 164 barrels of condensate per day through a 24-inch choke at 955psi.
Adelaide said it was still negotiating with various parties for the sale of the condensate, which it being separated from the gas stream into tanks. It expects to sell the liquid for $A65-70 per barrel.
The company plans to complete the EPT next week and expects to have a reserve estimate for the market soon after.
Jacaranda Ridge-2 was a follow-up to the non-commercial Jacaranda Ridge-1 oil discovery, which produced 950 barrels of oil on test in 1999.
Even though the drilling effort failed to break the onshore Otway's oil drought, the company’s managing director Carl Dorsch has told PNN he believed PEL 255 and the onshore part of the basin was still prospective for black gold.
