FAR continues US success

FIRST Australian Resources has continued its US-based exploration successes with its Bay Courant SL 17316-1 well being deemed a commercial oil discovery after logging producible oil from its uppermost target interval.
FAR continues US success FAR continues US success FAR continues US success FAR continues US success FAR continues US success

Two of the zones were water-bearing with one zone having only residual hydrocarbons. The Bay Courant structure is located in the intracoastal State waters, Lafourche Parish, South Louisiana.

A statement said the Boug Sand logged approximately 12 feet of net pay.

“The Pelican Sand interval between 12,075 and 12,092 feet and Duval Sand interval between 12,687 and 12,695 feet had hydrocarbon shows, however these are non-productive based on electric logs,” said a FAR well report.

“Initial interpretation suggests these sands to be structurally low to prognosis and further evaluation of these intervals to determine an optimum structural location to site a future well will be undertaken.

FAR chairman Michael Evans said with the geological data obtained by this well he was confident the partners would successfully nail the non-commercial zones with a subsequent, better located well.

The partners are currently also farming out a deeper, highly pressured Bay Courant structure, mapped on seismic, which is yet to be evaluated by a test well at a crestal location.

“Known as the “Pr Zone” this play provides significant upside in the deeper pressured sands similar in concept (although smaller) than FAR’s recent Lake Long Deep test,” said FAR.

FAR has secured its 15% net working interest (20% until payout is achieved) interest in the permit with the drilling of this well.