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Drillsearch Energy Finds Wet Gas at Moruya-1 Well

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Drillsearch Energy Limited announced encouraging initial test results from its Moruya-1 wet gas exploration well located in PEL 106A, on the Western Flank of the South Australian Cooper Basin. Wire line logging has confirmed 52.8 feet of liquids rich net pay across both conventional and tight reservoir sands. Based on these logging results, multiple drill stem tests were run over the identified pay intervals and recovered condensate and liquids of between 53 to 56 degree API with liquids saturations as high as 207 barrels per million standard cubic feet.

The Mourya-1 wet gas exploration well has been cased and suspended and preparations are underway to move the Weatherford 826 drilling rig to the Narrabeen-1 well, 5 miles north, north-east from Moruya-1 which is the final well in this current program to be drilled. The Narrabeen-1 well is expected to be spud in the coming week.

Managing Director Brad Lingo said, “The early indications of a liquids rich gas are very encouraging and has increased our level of confidence in the area as we prepare to drill the Narrabeen-1 well. This well is located in PEL 106A and is 100-percent owned and operated by Drillsearch. We have also continued to receive solicitations from several industry players, who have expressed an interest in participating in a joint venture arrangement covering our wet gas asset portfolio in the Cooper Basin. With these continuing results on the exploration front we are very focused on exploring joint venture opportunities that help us accelerate the commercialization of Moruya and the other existing wet gas discoveries in our 100-percent owned Western Cooper Wet Gas Project areas.”

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