Despite the disappointing result, farm-in partners Rawson Resources and Ausam Resources will consider their option to participate in up to two more wells in the Appadare Farm-in Block, as part of a deal struck with Beach and Great Artesian Oil and Gas.
In a statement, Rawson said there was “some encouragement” that reservoir quality sands extend into this area of the block.
Appadare was the last well to be drilled in Beach and Great Artesian’s five-well program in PEL 107. Other wells in the program have included Cabbots-1, Talia-1, Keeley-1 and Kiana-2, all of which have been unsuccessful.
Rawson paid 80% of Appadare-1’s drilling costs, while its partner Ausam Resources paid 20% of the cost of the well. Under the deal, Rawson will earn a 40% interest in any commercial discovery while Ausam will earn 10%.
Operator Beach holds a 20% stake in the well, while Great Artesian Oil & Gas owns the remaining 30% interest.