Connolly finally gets a start

Oilex and Roma Petroleum have finally spudded the Connolly-1 well after a delay due to mechanical problems in mid-July.

Located 27km east of Stonehenge and130km south of Longreach the Connolly structure is considered large enough to hold potential recoverable reserves of 26 million barrels of oil.

Reservoirs in the Hutton Sandstone and Basal Jurassic Formation are the primary objectives.

Oilex will operate the well after reaching a farmout agreement with Roma under which Roma will contribute $100,000 to the drilling operation and retain a 45% interest and a 3.95% royalty in the Authority to Prospect.