DRILLING

Innamincka plummets after disappointing Yarrow follow up

After setting the market alight last year with its Yarrow and Flax discoveries, a disappointing follow up with Yarrow-2 has sent the stock reeling from Friday’s high of 96c to bounce off 75c this morning.

Innamincka plummets after disappointing Yarrow follow up

Drill stem tests yielded less than pundits were anticipating. The Patchawarra Formation, which was present in a thin section in Yarrow-1, exhibited fair to good gas shows when penetrated over the weekend. A test over the primary target, the Tirrawarra Sandstones, recovered minor amounts of rat hole mud and water cushion.

The company said a lack of formation water indicated the Tirrawarra section to be gas saturated but there was low permeability leading the company to declare it was a tight reservoir.

Operations director Glen Smith said they would be testing the Patchawarra Formation at first light tomorrow.

At press time INP was trading at 80c.

TOPICS:

A growing series of reports, each focused on a key discussion point for the energy sector, brought to you by the Energy News Bulletin Intelligence team.

A growing series of reports, each focused on a key discussion point for the energy sector, brought to you by the Energy News Bulletin Intelligence team.

editions

ENB CCS Report 2024

ENB’s CCS Report 2024 finds that CCS could be the much-needed magic bullet for Australia’s decarbonisation drive

editions

ENB Cost Report 2023

ENB’s latest Cost Report findings provide optimism as investments in oil and gas, as well as new energy rise.

editions

ENB Future of Energy Report 2023

ENB’s inaugural Future of Energy Report details the industry outlook on the medium-to-long-term future for the sector in the Asia Pacific region.

editions

ENB Cost Report 2021

This industry-wide report aims to understand current cost levels across the energy industry