Australia’s Origin Energy Limited today announced that the Speculant-1 exploration well, which spudded at 04.00 hours EST on 23 September 2014, had reached total depth of 4,917m MDRT (Measured Depth Below Rotary Table).
As announced on December 9, 2014, the Speculant-1 exploration well had encountered potentially commercial quantities of gas in primary target Waarre Formation reservoirs in the Otway Basin, offshore Victoria.
Preparations are being made to suspend the Speculant-1 exploration well while development options for the resource are assessed.
The Speculant-1 exploration well is situated approximately 3km off the southern Victorian coastline, about 30km south east of Warrnambool. Extended reach drilling technology is being employed to access offshore gas reservoirs. The well was drilled using the rig Ensign 931 in conjunction with the development drilling of the Halladale field. Origin has 100 per cent ownership of the Speculant-1 well permit.