Australia-based energy explorer Planet Gas Limited provided an update Wednesday on the Sprigg-1 exploration well located within PEL 514 in the South Australian Cooper Basin.
Sprigg-1 Exploration Well
The Sprigg-1 prospect is located in the central eastern sector of PEL 514 and is 2.8 miles (4.5 kilometers) west of Acrasia oil field.
The exploration was drilled to a total depth of 8,104 feet (2,470 meters) to test the oil potential of the Tinchoo Formation up dip and 787 feet (240 meters) west south west of the Reg Sprigg North-1 well.
Additional targets were also intersected through the Hutton Sandstone and the Arrabury Formation which have produced oil in nearby wells.
Planet Gas holds a 20 percent project interest in PEL 514 while Senex Energy Limited (Senex), holds an 80 percent interest and is the operator.
The Sprigg-1 well forms part of the initial farm-in agreement with Senex of December 2011. As part of that agreement Senex is required to drill two wells by end November 2013 with Sprigg-1 being the first of the two well program. Planet Gas is free carried for the program.
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