Senex Energy (ASX: SXY) and Orca Energy (ASX: OGY) have made a new discovery in the Cooper Basin with the Burruna-2 exploration well flowing over 750 barrels of oil per day to surface during drill stem testing.
The well in PEL 115, South Australia, will be cased and suspended as a future oil producer.
Wireline logs had confirmed the well had intersected 5.3 metres of net pay in the mid-Namur Sandstone, a proven oil producing formation elsewhere in the Cooper Basin.
The company also cut 18 metres of core through the Murta Formation. Free oil was observed with the recovered core and hydrocarbon fluorescence was noted over a gross interval of 14 metres.
This indicates the regionally extensive Murta Formation could deliver incremental production through existing infrastructure and assets..
Senex has a 80% interest in PEL 115 while Orca holds the remaining 20%. Orca is free carried by Senex through all of its Cooper Basin activities for the next 12 months after selling its unconventional interests for a package of benefits worth about $7 million.
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