MOOMBA OIL DISCOVERY
The Santos Group, as Operator for the PPL 8 Joint Venture Parties, announces the discovery of a new pool oil discovery in the South Australian section of the Cooper/Eromanga Basins.
The Moomba 104 oil exploration well has penetrated a 9m oil column in the Jurassic Hutton Sandstone. Comparison with analogous productive zones in the Cooper Basin indicates the zone to be capable of flowing at 2000 – 3000 barrels of oil per day. The well has reached a total depth of 2161m in the Jurassic Hutton Formation. The well is being cased and suspended as a future oil producer, with production expected to commence within three months.
Commenting, Managing Director Mr Ross Adler said:
At current oil prices the Moomba 104 oil discovery is good news and should make a nice contribution to Santos oil production this year.
The Moomba 104 accumulation is the third new pool discovery on the Moomba structure.
This discovery will be followed up with further drilling.
Additional potential exists within the Moomba Field for similar oil accumulations in the Hutton Sandstone. A 3D seismic survey acquired in 1997 is being utilised to define further opportunities for drilling.
The Moomba 104 well is located approximately 6 km south of the Moomba plant.
The interest holders in PPL8 are:
- Santos Group 59.75%
- Delhi Petroleum Pty Ltd 20.21%
- Boral Energy Resources Ltd 13.19%
- Novus Australia Resources NL 4.75%
- OMV Group 2.10%