Santos and the unlisted Strike Oil, which has Perilya Mines and the Macquarie Bank as its major shareholders, are partners in the well which has a planned depth of 2200 metres.
The partners reported that the Ocean Bounty had drilled through a gas bearing zone over the interval from 1743 - 1792 metres. They planned to drill ahead to total depth and conduct a wireline evaluation program to establish reservoir quality and pressure and recover gas samples. Drilling reports said they were awaiting improvement in the weather conditions before recommencing of drilling.
Perilya finished the day at 82 cents which, while below the highs of 89c earlier in the week, is still far above the 65c mark the stock was trading at two weeks ago.
