Real Energy Updates on Operations at 2 Cooper Basin Wells in Queensland

Cooper Basin focused oil & gas exploration company, Real Energy Corporation Ltd. reported Monday that completion and testing operations are progressing well on its two maiden Cooper Basin wells, Tamarama-1 and Queensliff-1 in Queensland, Australia.

Real Energy provides the following information regarding its completion and testing program in ATP972):

Tamarama-1: The well was completed and perforated over the Toolachee Formation section.

  • The Toolache Formation interval from 925 feet (2,397.0 meters) to 935 feet (2,422.0 meters) (5.9 feet or 15.5 meters net perforated intervals) was perforated and flow tested
  • On the clean-up flow the well flowed gas at an unstimulated initial rate of approximately 0.46 million standard cubic feet per day (MMscf/d) through a 16/64 inch choke, with flowing pressure of 327 psi.
  • The well is currently shut-in for a pressure build-up test in order to obtain reservoir pressure data and other relevant reservoir properties
  • Gas samples were obtained from this section for laboratory analysis. Field analysis of the gas sample indicates the gas contains approximately 7 percent carbon dioxide (CO2)

Queenscliff-1: The pressure build-up survey for the lower Toolachee Formation-upper Patchwarra Formation section is ongoing.

Commenting on the results of the Tamarama-1 and the update on Queenscliff-1, Real Energy's Managing Director, Scott Brown said: "This is another promising result for Real Energy with gas flowing to surface without stimulation at Taramara-1. It is further evidence that Basin Centered Gas exists within our portfolio which in turn illustrates that the project has considerable unlocked value."

"Our active work program at both Tamarama-1 and Queenscliff-1 is ongoing as we continue to obtain data that can assist the development of the field. Our immediate focus is to certify gas resources and transform ATP972P into a Tier-1 gas project in the Cooper Basin. With more LNG projects coming on stream in the Eastern States and demand for natual gas growing across the Eastern Seaboard and South Australia, our project is strategically very well located. We look forward to updating shareholders on pending results and other corporate developments."

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