Australia-based Senex Energy discovered an oil pay zone Tuesday at its Martlet North-1 exploration well on the western flank of the South Australian Cooper Basin.
The Martlet North-1 exploration well, located in PRL 1481, was spudded on January 29 to evaluate the oil potential of the Namur Sandstone horizon, with a secondary target in the Birkhead Formation.
The well encountered oil shows in the target reservoir with the subsequent evaluation of logs indicating a vertical net pay zone of about 10.4 feet.
Martlet North-1 also encountered oil shows of an undisclosed size in the Birkhead Formation.
Resource size estimates for the find have not been disclosed yet.
The well is located about half a mile north-west of the Martlet-1 well that is currently producing from the Namur horizon.
Martlet North-1 has been cased and suspended as a future Namur oil producer.
“The timing of a tie-in to the Martlet-1 infrastructure will be subject to field development planning over both fields to achieve the most economical development scenario,” Senex said.
Senex holds a 60 percent operating stake in Marlet North-1.
Australia-based Beach Energy holds a 40 percent stake.