Metgasco Ltd (ASX: MEL) (“Metgasco”) (the Project Manager) provides the following operations update in relation to the company’s Cervantes-1 oil exploration well in the Perth Basin.
Since the last report the 8.5” hole was drilled to a depth of 2520metres (MDBRT), approx. 2268metres (TVDSS), reached at midnight Wednesday 6th April.
The well results confirmed the presence of robust structure and reasonable reservoir development in the targeted Permian sandstone objectives. Logging While Drilling (“LWD”) tools disappointingly identified that the three Permian objectives were water bearing.
The Cervantes Joint Venture (CJV) has agreed the well will be plugged and abandoned in the coming days and the rig released from contract. Cervantes-1 has been drilled expeditiously and, to date, is ahead of budget.
Ken Aitken, Managing Director
Phone: +61 08 6245 0060