The company yesterday said the well has been cased to 2944m in the primary Cretaceous Muddy Formation target, as a potential natural gas and condensate producer.

Planet said it had been advised by operator Carpenter & Sons and North Finn (C&S-NF) of Casper Wyoming, that well testing will be undertaken following the arrival of a completion rig.

It said the production pipeline route, which is less than 1.6km from the well, is also being finalised.

In addition to the primary Cretaceous Muddy Formation target, gassy Cretaceous-aged fractured shales situated above the primary target were intercepted and will continue to be evaluated for potential oil and gas production.

Planet’s 100% working interest (85.5% net revenue interest) at Oriva Federal is subject to a 12.5% federal royalty with a 2% overriding royalty.

Under the terms of the conventional oil and gas farm-out agreement, C&S-NF will earn an 81% net revenue interest to conventional oil and gas production in one half of the Oriva Federal leasehold by drilling this test well. The completion of a second well will earn-in C&S-NF to the remaining leasehold interest.

Planet said the company retains a 19% net revenue interest, which will cover all royalties (totalling 14.5%) and will retain a 4.5% net revenue interest to conventional oil and gas production from the Oriva Federal leasehold.

The company also has the option to convert its 4.5% net revenue interest to a participating 20% working interest in future wells.

The Oriva Federal leasehold is about 21km west of Gillette, Wyoming, and totals 359 net hectares in Sections 8, 9 and 10, Township 50 North, and Range 74 West, of Campbell County.

This leasehold is the undrilled portion of Planet’s CSM Oriva Project development, totalling 505 net hectares.