Drillsearch Energy Limited
(ASX:DLS) says it has achieved encouraging initial test results from its Moruya-1 wet gas exploration in South Australia’s Cooper Basin.
Testing has confirmed just over 16 metres of liquids rich net pay in Moruya-1, with testing now moving to the final drilling well in the current program.
Managing Director Brad Lingo says the early indications of liquids rich gas increase confidence in the area ahead of the final exploration well.
Mr Lingo says Drillsearch continues to receive solicitations from industry players interested in a JV arrangement for the company’s wet gas asset portfolio in the Cooper Basin.
The oil and gas explorer is interested in pursuing JV options to accelerate the commercialisation of its wholly owned wet gas project areas.
Drillsearch reported a net loss of $3.37 million in the first half of the current financial year.
