(MENAFN- ProactiveInvestors - Australia) Senex Energy (ASX: SXY) has cased and suspended the first of 2 appraisal wells it is drilling on the Snatcher oil field in the Cooper Basin as a future oil producer.
Wire line logs and side wall cores confirmed the Snatcher-4 well intersected net oil pay of at least 6.5 metres in the primary target Birkhead Formation.
The Ensign Rig 48 is now mobilising to the Snatcher-5 location about 470 metres west of the Snatcher-3 well.
Production at the Snatcher field resumed recently after being shut in by the 1 in 40 year flood of the Cooper Basin in January 2010.
Prior to this, the field had produced oil at a rate of more than 500 barrels per day.
The resumption of production at Snatcher is expected to contribute towards Senex's 2011/12 financial year target of 700,000 barrels of oil production though weather delays may impact this result.
Senex holds a 60% operating interest in PEL 111 while the remaining 40% interest is held by Beach Energy (ASX: BPT).
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.