The Banganna-1 gas exploration well will be drilled in PEP 159 with operations expected to take around 12 days to reach its total depth of 2150m.

According to Origin, the well will test the productivity of the Pretty Hill petroleum system in the central part of the Otway Basin. "The Pretty Hill petroleum system has already been proven in the north western part of the basin and is responsible for the commercial gas fields in the Katnook area," Origin said.

"The well is targeting reservoir sands at the base of Laira Formation and in the underlying Pretty Hill Formation.

"If successful, a discovery will have most likely recoverable reserves of 25 billion cubic feet of gas, with reserve estimates ranging between 12 and 50 billion cubic feet."

Origin Energy has a 50% interest and is operator of Banganna-1 while Essential Petroleum Resources 50%.