Metgasco: We’re going to intersect Perth Basin’s primary oil targets sometime this week
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Drilling of the high-impact Cervantes-1 oil well in the Perth Basin which targets net 4.6MMbbl of oil to Metgasco is progressing – like a well-oiled drill.
The well is currently at a depth of 2,050m and is expected to intersect the primary target Permian Dongara, Kingia and High Cliff sandstone reservoirs later this week.
Metgasco (ASX:MEL), which is funding 50% of the well, to earn a 30% interest in L14 Cervantes Joint Venture, had previously noted the well targets a high side fault trap similar to other fields in the Basin.
Cervantes-1 is targeting three Permian sandstone reservoirs which have been prolific producers in the Perth Basin.
Cervantes-1, which has an estimated pre-drill chance of success of 28%, will be drilled to a total depth of 2,613MD BRT
Should the well be successful, development is all but certain – given high oil prices and its proximity to the existing Jingemia production facilities.
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.