Australia-based Senex Energy said Friday that its Martlet-1 exploration well in Australia’s Cooper-Eromanga basin encountered oil while its onshore Squire-1 well in South Australia drilled dry.
Martlet-1 encountered “good oil shows” in the target reservoir and subsequent evaluation of logs indicate net pay of up to 19.6 feet.
The well was drilled to 6,876 feet.
The well is currently being cased and suspended.
Martlet-1 is expected to begin production next quarter.
The Martlet-1 exploration well is located in the PEL 104 block on the western flank of the Cooper-Eromanga Basin in central Australia.
Senex holds a 60 percent stake in the block and is the operator. Australia-based Beach Energy holds a 40 percent stake.
The well was designed to evaluate the oil potential of the Namur sandstone within an interpreted four-way dip-closed structure.
Senex also said its Squire-1 well encountered “a poorly developed reservoir” in block PRL 59.
PRL 59 is wholly owned and operated by Senex and is located in South Australia.
Squire-1 was drilled to evaluate the oil potential of the Tinchoo formation with secondary targets in the Birkhead formation and Wimma sandstone.
Squire-1 will now be plugged and abandoned.