DRILLING

First Cooper Basin well for Stuart/Cooper JV

The Stuart Petroleum/Cooper Energy joint venture has announced its intends to drill its first Cooper Basin oil exploration well in June of this year. The well will be called Warrior-1 and will test a robust four-way dip closure centred on the Pando Ridge, which is 750m south and updip from the Pando-1 well drilled by Santos in the sixties, the JV said.

Stuart said Pando-1 had extensive oil shows in the pre-Permian and Jurassic sections and estimates that Warrior-1 has oil discovery potential of 3.8 million barrels of oil in the Patchawarra and Pando Formations.

Stuart Petroleum also announced that Cooper Energy will now be entitled to 30 per cent interest (previously 25%) in PEL 93 upon completion of its work commitments.

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