Linc Energy Ltd announced Thursday plans to drill 3 wells in the Arckaringa Basin in South Australia as part of the next phase of exploration and development of this significant asset.
Given the size of the potential resource the Board of Linc Energy has determined that the best option for shareholder value is for the Company to fund the targeted exploration program to better define this basin before the Company considers partnering for phase two or three of development.
This program will be funded within the Company’s budget.
As part of this strategy, Linc Energy has engaged with Baker Hughes as shale experts and advisors on this program. Baker Hughes has completed a comprehensive study and produced a detailed model on the basin on the following:
Conclusions of the study have been used to assist Linc Energy with the design of the 3 well exploration program to test the deeper more prospective parts of the basin.
This drilling program is likely to be focused on the Boorthanna Trough which formed the basis for the majority of the prospective resources separately identified by Gustavson Associates and DeGolyer and MacNaughton as previously announced. To date no previous drilling has intersected the formations at depth and the results of these wells will be critical to understanding the basin in detail.
Samples and core recovered during drilling activity will be sent for analysis of rock layers within the targeted formations with the most prospective source rock. Analysis will include:
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