Essential Petroleum Says Cowrie 1 Spud Date Pushed Back

Essential Petroleum Resources says that the exploration well Cowrie 1, located in PEL 27, is now expected to spud on November 1, 2005.

As Cowrie 1 is scheduled to be the fourth well drilled in a multi-well program currently underway in the onshore Otway Basin, the actual spudding of Cowrie 1 is dependent on the completion of the three wells programmed in the Port Campbell region in the eastern part of the basin. Cowrie is expected to take about 11 days to reach its target depth of 1408 meters.

The Cowrie prospect lies on the northwest flank of the Penola Trough, northwest and updip of the Katnook, Haselgrove and Ladbroke Grove gas fields. PEL 27 is ideally positioned to trap hydrocarbons migrating out of the trough as demonstrated by the recovery of oil in Sawpit 1 and the flow of oil to the surface at Killanoola DW 1. Both wells were drilled in PEL 27 and are on trend with Cowrie.

Cowrie is approximately five kilometers to the west of the Killanoola discovery and has the potential to hold in excess of four million barrels of recoverable oil. Participating interests in PEL 27 are Beach Petroleum as operator with 30%; Essential Petroleum with 20% and Origin Energy with 50%.