Senex Cases Snatcher Appraisal as Producer

Senex Energy Limited (Senex), as operator of the PEL 111 joint venture in the South Australian Cooper Basin, has cased and suspended the Snatcher-4 oil appraisal well as a future oil producer after successfully intersecting a 33 feet (10 meter) gross oil column.

The Snatcher-4 appraisal well spudded on May 15, 2012 and reached a total depth of 6,168 feet (1,880 meters) on May 22, 2012. Wire line logs and side wall cores confirmed the presence of a 33.8 feet (10.3 meter) gross oil column in the Birkhead Formation over the interval 5,762 to 5,852 feet (1,756.2 to 1,783.6 meters) with interpreted net oil pay of at least 21.3 feet (6.5 meters).

Snatcher-4 is the first of two appraisal wells to be drilled at the Snatcher oil field as part of the expanded 14-well exploration and appraisal campaign for the 2011/12 financial year on the western flank of the Cooper Basin.

Ensign Rig 48 is mobilizing to the Snatcher-5 location in PEL 111. The well is located 1,542 feet (470 meters) west of the Snatcher-3 oil well and will evaluate the potential for oil production from the Jurassic Birkhead Formation. Drilling on the well is expected to commence on June 3, 2012, targeting a total depth of 6,102 feet (1,860 meters).

Senex holds a 60 percent interest in PEL 111 and is the Operator of the joint venture. The remaining 40 percent interest is held by Beach Energy Limited.


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