Essential Petroleum (33.9%), operating the well on behalf of permit operator Origin Energy (50.51%) and Lakes Oil (15.59%), said preliminary analysis of the wireline logs suggested the presence of hydrocarbons over two zones with hydrocarbon saturations, ranging from 20% to 50%, which may be residual.
It said the partners were considering their options, which included running a wireline pressure survey to record pressure data and taking fluid samples over the zones of interest to determine if movable hydrocarbons are present.
The Koroit West No 1 well is located approximately seven kilometres to the west of the Victorian town of Koroit and 3 kilometres south of the Western Victorian Portland to Port Campbell gas pipeline.
