Australia's Cue Energy said Thursday that it plans to plug and abandon the Banambu Deep-1 well as wire-line logs show that the well is water-bearing.
The well, sited in permit WA-389-P, in the Carnarvon Basin, Western Australia, lies in waters 1,050 feet (320 meters) deep.
The well was drilled to 15,407 feet (4,696 meters) measured depth (MD) on June 26, 2012, within the Mungaroo Formation.
Interpretation of 3D seismic data obtained in September 2008 confirmed the presence of the large Caterina prospect and numerous other large structural and stratigraphic leads. The Caterina prospect is a large tilted fault block with potential to contain up to 11 trillion cubic feet of natural gas in stacked sands.
The permit is held by BHP Billiton (Australia), which holds a 40-percent stake. Cue Exploration holds a 35-percent stake while Australia's Woodside Burrup holds a 25-percent stake.
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