Apache Spuds Gats #1 Well Offshore Australia

Strike Oil reports that the Ensco 106 is preparing to spud the Gats #1 well located in WA-261-P in the Carnarvon Basin offshore Australia. A change in the Apache Northwest's drilling program for operational reasons has resulted in the commencement of the Gats #1 well at such short notice. The well had been scheduled for the end of the month.

The Gats #1 well will be drilled to a total depth of 816 meters and will take approximately 5 days to drill.

The Gats prospect is situated in the central portion of WA-261-P, approximately 15 km West of the Stag Field and 3 km to the southwest of the non-commercial hydrocarbon accumulation at Antler 1.

The primary objective of the Gats-1 well is to evaluate the middle M.australis Sandstone within a predominantly stratigraphic closure, up-dip of Antler 1 and on trend with the Stag oil field. The crest of the Gats prospect is mapped at approximately 35 meters above the oil-water contact (OWC) in Antler 1.

Antler 1 encountered a 3.8m hydrocarbon column (2.4m gas over 1.4m oil with an OWC at 705.5m AHD) at the top of 16.3m thick middle M. australis sand in a small four-way dip closure.

The sand exhibited bright fluorescence below the OWC suggesting a residual oil column (and possible displacement of oil updip into the Gats prospect).

The mean unrisked reserve potential is 14.1 million barrels. The upside (P10) is 32.7 million barrels.

Participants in the well are Apache Northwest as operator with 45.1%; Strike Oil with 16.25; Victoria Petroleum with 12.5%; Bow Energy with 10%; Tap Oil with 10% and Sun Resources with 6.2%.

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