Metgasco hits early gas and surprise oil shows at Vali-3
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Metgasco is looking to go three for three with gas shows observed in the secondary objective mid-Nappamerri Formation within its Vali-3 appraisal well.
While the gas shows would be encouraging on its own, the well also observed oil shows in the shallower Murta, McKinlay, Namur, Westbourne, Birkhead and Hutton formations.
Log analysis will be required to ascertain if any of these shows are commercially significant
Vali-3 is currently at a depth of 2,377m in the top of the Toolachee Formation and drilling is proceeding ahead towards the deeper Patchawarra Formation gas accumulation that was discovered in Vali-1 ST1 and confirmed in Vali-2.
Earlier this month, the JV confirmed that the Vali-2 well had intersected 150m of net gas pay, primarily in the Toolachee and Patchawarra formations, almost double the 80m of net pay interpreted in the Vali-1 ST1 well.
Notably, analysis of gas samples indicates that Toolachee gas has a higher percentage of hydrocarbons compared to the Patchawarra – 82 per cent compared to 76 per cent respectively.
Over the border in South Australia, the Odin-1 well was also cased as a future gas producer after it encountered extensive gas shows in the primary target Toolachee and Patchawarra formations, as well as within a basal sand of the secondary Epsilon Formation target.
Detailed pay thickness, column heights and gas compositions at Odin-1 are currently being quantified.
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.