Senex to Drill 2 Wells in PEL 514 in South Australia's Cooper Basin



Planet Gas Limited (Planet Gas) announced Wednesday the commencement of a 2 well drilling program within PEL 514 in the South Australian Cooper Basin.

Subject to final approvals, the program includes the drilling of 2 wells Hathi-1 and Bagheera East-1 back to back, with Hathi-1 scheduled for spudding on or about Sept. 9.

Hathi-1 Exploration Well

The Hathi-1 vertical exploration well is located in the northwest of PEL 514 situated approximately 12 miles (19 kilometers) northeast of the Tarragon Oil Field.

The Hathi Prospect has been mapped as a four-way closure at multiple horizons using data from the recently recorded Dundinna 3D seismic survey.

The exploration well will be drilled to a total depth of approximately 8,300 feet (2,530 meters) to test the oil potential of the Tinchoo Formation with the Poolowanna and Birkhead Formations and the Hutton Sandstone as secondary targets.

Bagheera East-1 Exploration Well

The Bagheera East-1 vertical exploration well is also located in the northwest of PEL 514 situated approximately 6 miles (10 kilometers) northeast of Hathi-1. The Telopea Field and the Keleary Field are located 8 miles (13 kilometers) and 6 miles (10 kilometers) respectively southeast of Bagheera East.

From the Dundinna 3D seismic survey analysis, the Bagheera East prospect is a structural trap mapped as a four-way dip closure.

The exploration well will be drilled to a total depth of approximately 8,235 feet (2,510 meters) to test the oil potential of the Tinchoo Formation with the Poolowanna and Birkhead Formations and the Hutton Sandstone as secondary targets.

The drilling program forms part of a second farm-in agreement with Senex Energy Limited (Senex) of May 2013. Planet Gas holds a 20 percent project interest in PEL 514 while Senex holds an 80 percent interest and is the operator. The Planet Gas project interest, including the drilling and completion of Hathi-1 and Bagheera East-1, is free carried by Senex.



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