Cooper Energy has announced that the Callawonga-5 appraisal/development well was spud by Beach Petroleum on Saturday, December 13, 2008. Callawonga-5 is being drilled just east of the main crest of the Callawonga Oil Field in the Cooper Basin, South Australia.
The Callawonga-5 well will be drilled to approximately 1,400 meters targeting the highly productive McKinlay and Namur sandstones, which are the oil bearing reservoir sands in the Callawonga Oil Field.
The main uncertainty at the well location is the depth of the top reservoir, which will determine the thickness of oil reservoir. In the event that the top of the reservoir comes in deeper than expected then there is the potential that the oil may be swept or that there is insufficient reservoir section to economically complete the well. In the event that the top reservoir comes in shallower then this will result in a better than expected outcome. The top depth uncertainty risk is to an extent mitigated by the oil field being fully covered by 3D seismic.
Cooper Energy has a 25% interest in the Callawonga Oil Field and the PEL92 area.
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