Australia's Senex Energy has classified the onshore Shocking-1 exploration well as a dry hole, and the Century 3 drilling rig is preparing to plug and abandon the well, the company said in a statement Thursday.
The company will start moving the rig to drill the onshore Kruger-1 exploration well.
"The move will likely be completed in seven to ten days from today," a spokesperson representing Ambassador Oil told Rigzone.
Ambassador is Senex's partner in the onshore PEL 516 Mudlalee and Shocking blocks.
Senex said on July 4, 2012, that a mechanical failure due to tool plugging had prevented it from obtaining a valid result from a drill stem test in the Shocking-1 well's first primary target, the McKinlay formation. The drill steam test was carried out on July 2, 2012.
Senex resumed drilling at the second oil target in the well on July 4, 2012 in the basal Birkhead formation.
Shocking-1 is sited 1.3 miles (2 kilometers) north of operator Senex's producing Vintage Crop-1 well in permit PEL 516 Shocking Block. The well, according to both companies, has an upside recoverable oil potential of more than 500,000 barrels from the Murta, McKinlay and Basal Birkhead/Hutton formations, all well known oil producing horizons in the Cooper Basin.
Kruger-1 is sited on PEL 516 on the Mudlalee block. The well is targeting a recoverable oil potential of around 380,000 barrels, data from Ambassador's quarterly report ending March 31, 2012, shows.
Under the terms of an earlier farm-in agreement signed between the two companies, Ambassador will fully fund drilling costs to earn a 60 percent stake in each successful project. The remaining 40 percent stake is held by Senex.
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