Flax 3 Completed, Flax 4 to Spud Shortly

Innamincka Petroleum says the successful Flax 3 well has been cased and completion / production activities are underway. The drilling rig, Ensign Rig 30 has moved to the Flax 4 site and the well will commence drilling today.

Flax 4 well is anticipated to take 18 days to drill and is located about 600 meters west of Flax 1. Thereafter, Flax 4 will be followed by the Flax East 1 exploration well testing the connection between the Flax and Juniper Oilfields.

The Flax Oilfield was been independently assessed (April 2006) to contain mean recoverable reserves of more than 4 million barrels of oil. To date, testing of the discovery Flax 1 well has produced over 45,000 barrels of 520 API oil and provided engineering data for the design of the first well pattern of the EOR (Enhanced Oil Recovery) project. The initial project target is 1000 barrels of oil per day by mid 2008.

Participants in the project are:
Innamincka (operator)         75%
SCGAU                         25%