Metgasco and its partners continue to build up the case for a Cooper Basin gas production hub after confirming that the Odin-1 well had intersected 172.5m of net gas pay.
The highlight is the 37m of conventional net gas pay in the Toolachee Formation, which has porosity greater than or equal to 8% along with a gas sample confirming 83% hydrocarbon content.
Other results from the well in PRL 211 include 4.5m of gas pay with porosity greater than or equal to 8% in the Epsilon Formation and 126m of gas pay in the Patchawarra Formation, with porosity greater than or equal to 6%. The Toolachee and Epsilon formation results indicate the potential to flow gas conventionally with the Patchawarra more likely to require a reservoir stimulation process similar to flow gas as per Vali-1 ST1.
The Epsilon laboratory gas sample analysis indicated approximately 77% hydrocarbon content.
“The lab confirmed gas sample results and better than anticipated net pay results confirm our belief that Odin-1 is an important Cooper Basin gas discovery which will add to the emerging reserve base across PRL211 and ATP2021,” chief executive officer Ken Aitken said.
Odin-1 was drilled to address a fault-bounded Patchawarra Formation closure, up-dip of Strathmount-1, a well drilled in 1987 and plugged and abandoned after discovering what was then considered a non-commercial hydrocarbon accumulation.
Vali-3 drilling
Metgasco (ASX:MEL) is currently drilling the Vali-3 appraisal well, which is expected to hit total depth this weekend.
In addition to gas shows observed previously in the mid-Nappamerri Formation, gas and minor oil shows have also been observed in the deeper Toolachee Formation.
While the company does not believe that commercial oil will be found in the Toolachee Formation, the shows are encouraging and are indicative of possible oil migration to shallower Jurassic prospects and leads in the area.
Metgasco paid 25 per cent of the Odin-1 well cost to earn a 21.25 per cent stake in PRL211 and has a 25 per cent interest in Vali-3 in ATP 2021.
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.