Quadrant Energy, an Australian oil and gas exploration company, will drill the Outtrim East-1 well, offshore Australia, in June.
According to the partner in the well, Carnarvon Petroleum, Quadrant Energy will use the Noble Tom Prosser rig for the operation.
The objective of the well is to find enough oil in addition to the reserves already discovered in Outtrim-1 well. The well is located approximately 970 metres east of the Outtrim-1 well in 95 metres of water with a target interval around 1,400 meters below the sea bed.
The Outtrim East-1 well is expected to take 25 days to complete on a trouble free basis.
Carnarvon acquired a 28.5% interest in the permit (WA-155-P(1)) from Inpex in January 2016. A second dealing with Quadrant Energy covering WA-155-P(1), WA-486-P and TR/3 was recently terminated by mutual agreement due to a number of factors including balancing work plans in the Roc and Phoenix acreage where Quadrant Energy and Carnarvon are also joint venture partners, Carnarvon said on Monday.
Carnarvon Managing Director and CEO, Adrian Cook said: “The Outtrim East-1 well will test the extent of the Outtrim-1 oil discovery and upside potential in new oil charged sands to the north and east of the Outtrim-1 well.
“We are looking forward to completing this well, determining its potential for development, and considering further exploration and appraisal drilling possibilities to enhance the project’s value proposition. We are in a very exciting period of time for the company with this well and the Roc-2 appraisal well expected to commence in July 2016 providing significant opportunity for and interest in Carnarvon.
“Positive drilling results from either or both wells have the potential to materially deliver on Carnarvon’s strategic objectives, namely ‘to find and commercialize major oil and gas resources on the North West Shelf (NWS)’.”