Origin to Assess Development Options for Speculant-1 Well in Otway Basin

Origin Energy Limited announced Wednesday that the Speculant-1 exploration well in permit VIC/L1(v) permit in Otway Basin, offshore Victoria, Australia, which was spud at 04.00 hours EST Sept. 23, 2014, had reached total depth of 16,132 feet (4,917 meters) MDRT (Measured Depth Below Rotary Table).

As announced Dec. 9, 2014, the Speculant-1 exploration well had encountered potentially commercial quantities of gas in primary target Waarre Formation reservoirs in the Otway Basin, offshore Victoria.

Preparations are being made to suspend the Speculant-1 exploration well while development options for the resource are assessed.

Well Type and Location

The Speculant-1 exploration well is situated approximately 1.86 miles (3 kilometers) off the southern Victorian coastline, about 18.64 miles (30 kilometers) south east of Warrnambool. Extended reach drilling technology is being employed to access offshore gas reservoirs. The well was drilled using the rig Ensign 931 in conjunction with the development drilling of the Halladale field. Origin has 100 percent ownership of the Speculant-1 well permit.


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