Australia's Ambassador Oil and Gas aims to start drilling the Kruger-1 well, at onshore permit PEL 156 in Cooper Basin this weekend, the company said in a statement on Wednesday.
The drilling rig, Century 3, is being moved to the Kruger-1 site at present, Ambassador said.
"The Kruger-1 well should take a week to 10 days to drill to target depth," a spokesperson representing Ambassador told Rigzone on Wednesday.
The Kruger-1 well, sited 25 miles (40 kilometers) southeast of the Moomba oil and gas processing facility, will be drilled to a target depth of 5,495 feet (1,675 meters).
The well has a mean recoverable oil potential of 380,000 barrels from the basal Birkhead and Hutton formations, with an upside potential of over 800,000 barrels of recoverable oil. The basal Birkhead and Hutton formations are prolific oil producing horizons in the Cooper Basin.
Kruger 1 is Ambassador's second well drilled in its first ever drilling campaign.
The first well that Ambassador had drilled is Shocking-1, which failed to produce a result for a drill stem test carried out on July 2, 2012.
Ambassador holds a 60 percent stake in the well, while Senex Energy holds the remaining 40 percent stake. Senex is the operator of the well. Both of the companies are listed in Australia.
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