Olympus-1 Well Hits Gas Offshore Australia

Australian junior Finder Exploration reported Thursday that the Olympus-1 exploration well in the northern Carnarvon Basin, offshore Western Australia, has discovered gas in two zones.

The Olympus-1 well is located in exploration permit WA-450-P, which is operated by Apache Northwest. The permit sits directly south of the Gorgon and Clio major gas fields and less than eight miles from the recent Zola discovery.

The well, drilled to a total depth of 14,900 feet, penetrated gas-bearing sands in the Cretaceous Lower Barrow and Triassic Mungaroo formations. Finder said that numerous reservoir fluid and pressure samples were gathered that will allow the license partners to assess the Olympus resource size, gas composition and commerciality.

Apache intends to review and consider the well results in proposing a forward plan for the permit.

The well has now been plugged and abandoned in accordance with the pre-drill program. The Ocean America (mid-water semisub) rig has now moved off to another location.

The WA-450-P permit's partners include: Apache Northwest, with a 75-percent interest; Japan Australia LNG, which has a 20-percent stake; and Finder Exploration, which holds five percent.



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