Senex Energy Limited
(ASX:SXY) has spudded two wells on the western flank of the South Australian Cooper Basin, the first wells of its 2016 financial year drilling program.
Fulcrum-1 oil exploration well (PRL 136: Senex 60% and operator, Beach Energy 40%
(ASX:BPT))
Fulcrum-1 is a near field oil exploration target located approximately 2 kilometres south west of the producing Spitfire field. The prospect was identified from the Aquillus and Mollichuta merged 3D seismic surveys, and targeted a combination structural and stratigraphic trap in the Birkhead Formation as well as the crest of a structural closure in the Namur Sandstone.
The well reached total depth of 1,815 metres on 19 August, encountering hydrocarbon shows in the Birkhead Formation. A successful drill stem test was run over a 9 metre interval with oil shows observed, however the reservoir was poorly developed and the well was subsequently plugged and abandoned. The result demonstrated the migration of hydrocarbons into the Birkhead Formation within the extensive Fulcrum structure, and a potentially thicker and higher quality reservoir exists up dip. Further evaluation will be undertaken by the joint venture through additional geophysical and geological analyses.
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