Flax-5 finds oil

WIRELINE logs suggest the latest Flax appraisal well has encountered an oil-saturated section in the basal Patchawarra-Tirrawarra Sandstone, operator Innamincka Petroleum said this morning.
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Drilling of the Flax-5 appraisal well reached a total depth of 2777m, after which Innamincka, which holds a 75% stake in the Cooper Basin field, ran wireline logs. The company is now running production casing.

But road closures due to local rains are preventing Innamincka from undertaking the cementing operation.

Last week, Innamincka’s share price surged after the company announced the Flax-5 well had encountered oil and gas shows comparable to other nearby wells at the field.

After soaring to $1.08 on Friday, INP has settled back down to 92c in this morning’s trade.

The drilling campaign is aimed at appraising the Flax-Juniper oil discovery and exploring for an oil accumulation north of the Yarrow field in PEL 103.