Senex claims new oil discovery at Martlet North-1

THE ROADHOUSE BOWSER: Senex Energy (ASX: SXY) announced a Namur oil discovery at Martlet North-1, located on the western flank of the South Australian Cooper Basin.

The Martlet North-1 exploration well (PRL 148: Senex 60 per cent and operator, Beach Energy (ASX: BPT) 40 per cent) spudded on 29 January 2015.

Senex said the well had been designed to evaluate the oil potential of the Namur Sandstone, with a secondary target in the Birkhead Formation.

The well encountered oil shows in the target reservoir.

Senex explained that a subsequent evaluation of logs indicated vertical net pay of 3.2 metres.

The well also encountered oil shows in the Birkhead Formation.

The well is located approximately 1.1 kilometres north-west of Martlet-1 which is producing from the Namur horizon and has been cased and suspended as a future Namur oil producer.

“The timing of a tie-in to the Martlet-1 infrastructure will be subject to field development planning over both fields to achieve the most economical development scenario,” Senex said in its ASX announcement.

Website: www.senexenergy.com.au