OMV to Abandon Lauda-2 Well Offshore Australia

The Lauda-1 well from which Lauda-2 was sidetracked, is located in WA-290-P, being 70 kilometers west of Barrow Island and 27 kilometers west northwest of the Woollybutt Oil Field

As previously reported by Tap Oil, the Lauda-2 sidetrack well, which targeted a separate closure at the Lauda East prospect on the downthrown side of the main fault, failed to find commercial hydrocarbon zones at the target Barrow Group level. Also, due to the abovementioned drilling difficulties, the well was not able to reach the deeper reservoir target.

The previously drilled Lauda-1 well intersected a 6 meter oil column in the Barrow Group sandstones on the upthrown side of the fault. Further potential occurs along this structure to the north and south of the Lauda-1 well and following analysis of the well data the Joint Venture will consider further appraisal at a later date.

The discovery of oil at Lauda-1 confirms an oil charge into the area, 27 kms to the north west of the Woollybutt oil field, and has upgraded the prospectivity of WA-290-P and surrounding Tap permits. Tap has mapped several other prospects in these permits and these will now be considered for possible drilling candidates.

WA-290-P Joint Venture participants are OMV as operator with 50%; Tap Oil with 25% and Nippon Oil with 25%.