Planet Gas commences PEL 514 drilling

THE ROADHOUSE BOWSER: Planet Gas (ASX: PGS) has commenced a two well drilling program within PEL 514 in the South Australian Cooper Basin.

Subject to final approvals, the program includes the drilling of two wells Hathi-1 and Bagheera East-1 back to back, with Hathi-1 scheduled for spudding on or about 9 September 2014.

The Hathi-1 vertical exploration well is located in the northwest of PEL 514 situated approximately 19 kilometres northeast of the Tarragon Oil Field.

 

Location of Hathi and Bagheera East Fields. Source: Company announcement

 

Planet Gas explained the Hathi prospect has been mapped as a four-way closure at multiple horizons using data from the recently recorded Dundinna 3D seismic survey.

The exploration well will be drilled to a total depth of approximately 2,530 metres to test the oil potential of the Tinchoo Formation with the Poolowanna and Birkhead Formations and the Hutton Sandstone as secondary targets.

The Bagheera East-1 vertical exploration well is also located in the northwest of PEL 514 situated approximately 10 kilometres northeast of Hathi-1.

The Telopea Field and the Keleary Field are located 13 kilometres and 10 kilometres respectively southeast of Bagheera East.

“From the Dundinna 3D seismic survey analysis, the Bagheera East prospect is a structural trap mapped as a four-way dip closure,” Planet Gas said in its ASX announcement.

The exploration well will be drilled to a total depth of approximately 2,510 metres to test the oil potential of the Tinchoo Formation with the Poolowanna and Birkhead Formations and the Hutton Sandstone as secondary targets.

The drilling program forms part of a second farm-in agreement with Senex Energy.

Planet Gas holds a 20 per cent project interest in PEL 514 while Senex holds an 80 per cent interest and is the operator.

The Planet Gas project interest, including the drilling and completion of Hathi-1 and Bagheera East-1, is free carried by Senex.

Website: www.planetgas.com