Australia's Cooper Energy said Thursday that it has penetrated two oil bearing zones with the Christies-7 development well on the western flank of the Cooper Basin.
Cooper's latest double strike with the Christies-7 well confirms the ongoing prospectivity of onshore PEL 92.
The first zone consists of an 18-foot (5.5 meter) gross oil column in the mid-Namur sandstone.
The second zone is an additional 10-foot (3 meter) gross oil column in the Hutton sandstone, the well's secondary objective. The well also produced strong oil shows in sandstones of the secondary objective Birkhead formation. This zone is currently being drained by the Christies-3 well.
The Christies-7 well, which was drilled to a total depth of 5,689 feet (1,734 meters), will be cased and suspended for completion as a mid-Namur oil producer.
Cooper's success with the Christies-7 well follows closely from its earlier oil strike with the Christies-6 well on June 19, 2012.
"Cooper will have record production in the 2012 financial year of more than 500,000 barrels of oil with more expected in the 2013 financial year," Cooper's Executive Director Hector Gordon said in a statement.
This is up 92,000 barrels of oil from the company's original forecast of 408,000 barrels of oil.
The joint venture participants on PEL 92 are Cooper Energy (25-percent) and Australia's Beach Energy (75-percent).
PEL 92 lies in northern of South Australia. It spans an area of 732 square miles (1,896 square kilometers) and contains a full section of Cretaceous and Jurassic sediments, with Permian sediments subcropping in the eastern part of the block.
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