Ready to roll rock: Metgasco mobilises Ensign 970 rig at Cervantes-1

Metgasco has mobilised the Ensign 970 rig to the Cervantes-1 drill pad location where associated equipment has been assembled amid final pre-spud checks.

It is anticipated that the Cervantes-1 well will kick off drilling the 17 ½” hole within the next 24 hours.

The Cervantes oil prospect is on trend with the Cliff Head, Jingemia and Hovea oil fields, Metgasco (ASX:MEL) says where the structure is a high side fault trap similar to other fields in the basi.

The well, designed to a depth of circa 2600m MDRT intersecting the Dongara, Kingia and High Cliff Permian reservoirs, will target Permian sandstone reservoir targets which have been prolific producers in the Perth Basin.

On time and on schedule

MEL managing director Ken Aitken said he is pleased the Ensign 970 drilling mobilisation and final preparations are nearing completion.

“Spudding of the planned Cervantes-1 exploration oil well is anticipated imminently and on schedule,” he said.

“The Ensign 970 has a proven track record in safely and efficiently drilling exploration wells for other operators over the last 18 months in the Perth Basin.

“Cervantes-1, with a P50 of 15mmbbls gross prospective recoverable resource is one of the largest remaining oil prospects in the onshore Perth Basin.”

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.