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).
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