Cooper Energy Limited (ASX: COE) reports that Penneshaw-1, an oil exploration well located in PRL 87 on the western flank of the Cooper Basin, South Australia, spudded on Tuesday 22 November 2016 at 00:15 hours. At 06:00 hours this morning, the rig was drilling ahead at 62 metres in 12- 1/4 inch surface hole.
Penneshaw-1 is located 4 kilometres east of Perlubie and 4.5 kilometres west of the Christies Field and is being drilled to a total depth of 1,862 metres in the Merrimelia Formation. The well is anticipated to complete within 12 days.
The primary target of Penneshaw-1 is the Namur Sandstone, which is the oil producing reservoir in several adjacent fields (Butlers, Callawonga, Parsons, Perlubie and Christies). The secondary targets of Penneshaw-1 are the Mid-Namur Sandstone, Birkhead Formation and Hutton Sandstone, which are oilbearing in the Christies and Silver Sands fields.
Following Penneshaw-1, the rig will move to drill Butlers-9, which will appraise potential oil volume in the undrilled north-west quadrant of the Butlers oil field.
Cooper Energy Liimited holds a 25% interest in PRL 87, with the balance held by the Operator, Beach Energy Limited.