The well will be plugged and abandoned today.
Downlands South-1 is the second well of the Ausam Resources PL 119 and ATP 471P Bainbilla Block Farmin Stage 1 program. The previous well, Downslands-4, was a successful gas well and is being completed for production.
Upon release from Downlands South-1, the rig will be moved to drill Brynog-1 in the ATP 471P Bainbilla Block, the third and final well of the Ausam PL 119 and ATP 471P Bainbilla Block Stage 1 program.
The joint venture also includes Santos.
Currently, Mosaic holds stakes of between 66.7% and 74.4% in various parts of PL119, while Santos holds between 14.87% and 25.74%. Ausam has 10.76% across the permit, but is building up to 26.9%, taking equity mainly from Mosaic but also from Santos.
