Nexus Prepares to P&A Sidestep-1 Offshore Northern Territory

Nexus Energy Limited has advised that the Sidestep-1 exploration well in exploration permit NT/P66, offshore Northern Territory, has reached the planned total depth of 1,828 meters true vertical depth subsea (TVDSS).

The primary target of the Intra Mount Goodwyn sands has been intersected at the predicted depth with no indications of hydrocarbons, based on available log data. The forward program is to plug and abandon the well.
The well was spudded on Friday, August 22, 2008 with the Wilcraft jackup rig and has been drilled in less time than budgeted. The Sidestep-1 well fulfils Nexus' drilling commitments in exploration permit NT/P66.

The objective of the Sidestep-1 well was to evaluate a new play type in the Petrel sub-basin. The prospect was testing a seismic amplitude anomaly identified within the Intra Mount Goodwyn formation close to the Blacktip field where gas was encountered within the same formation identified on a similar seismic anomaly.

Nexus' Managing Director, Ian Tchacos said, "whilst we are disappointed in the result, Sidestep-1 has been drilled safely and the fact that the well has been drilled more quickly than planned demonstrates Nexus' growing maturity as an offshore Operator."


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