In a statement Cooper said, “Acacia Grove-1 is planned to be drilled to a total depth of 2,750 metres and is expected to take 19 days from spud to TD. The primary objectives of the well are the Poolowanna and Tinchoo Formations, which are prognosed to be intersected at 2,340 metres and 2,425 metres respectively.”
“The Poolowanna Formation is expected to be reached in 13 days from spud,” added the company.
Cooper is hoping to hit oil in a structure up-dip of the Walkillie-1 well, which was believed to be underdeveloped. Acacia Grove-1 is also on similar structural trend as the Telopea and Keleary oil fields to the north and estimated reserves at Acacia Grove-1 show oil in place of around 2.6 million barrels. About 1 million barrels is believed to be recoverable.
Acacia Grove-1 is located in Block PEL 100 and lies 118 km north, north east of Moomba.
Liberty Petroleum Corp holds a majority 51.67% stake in the JV. Cooper has a 28.33% stake and Enterprise Energy NL holds the balance (post-drilling equity and is still subject to a successful capital raising by Enterprise).