(MENAFN- ProactiveInvestors - Australia) Senex Energy (ASX: SXY) has confirmed the oil potential of its Mustang-1 exploration well in the Cooper Basin after flowing 800 barrels per day during a 10 day production test.
This was despite the flow being choke constrained and resulted in minimal pressure depletion.
Mustang-1 in PEL 111 had flowed oil at a rate of 6,700 barrels per day (bpd) during clean up.
Senex is now planning to place the well on an extended production test this quarter with targeted output of 2,000 bpd.
Mustang-1 has exhibited excellent reservoir quality with highly permeable, oil filled sands in the producing mid-Birkhead Formation.
Senex holds a 60% operating interest in PEL 111 while Beach Energy (ASX: BPT) holds the remaining 40%.
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