Metgasco eyes ‘extensive’ gas shows in Odin-1
Link copied to
Metgasco’s Odin-1 exploration well in South Australia’s Cooper-Eromanga Basin has encountered ‘extensive’ gas shows in the Toolachee, Epsilon and Patchawarra formations.
Operations are now focused on conditioning the hole prior to running the electric wireline logging evaluation program to further investigate the gas shows.
Metgasco (ASX:MEL), which is paying 25 per cent of the Odin-1 well cost to earn a 21.25 per cent stake in PRL 211, had previously noted that the well had been de-risked by the Vali-2 appraisal well.
Both Vali-2 and the earlier Vali-1 ST1 wells have been cased for future production and positive results from the wireline logs will lead to Odin-1 undergoing the same process.
The joint venture will proceed with the drilling of Vali-3 gas appraisal well after current operations on Odin-1 are completed. On confirmation of success at Odin-1 and Vali-3, the JV could have access to four gas wells to drive rapid commercialisation of the potential gas production hub in ATP2021 and PRL211.
Metgasco and its partners have already secured permission from the Australian Competition & Consumer Commission to jointly market gas from the Vali field, which will further aid in its development.
The Vali wells are located just across the border on the Queensland side of the Cooper-Eromanga Basin in ATP2021- see Figure 1 below.
This article was developed in collaboration with Metgasco, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.