Cooper Energy (ASX: COE) and operator Beach Energy (ASX: BPT) are plugging and deepening the first of two deep wells within the Penola Trough of the onshore Otway Basin, South Australia, after identifying a potential new deep basin gas play.
Jolly-1 was drilled to a total depth of 4,026 metres in PEL 495 and recovered 26.7 metres of conventional core from the Lower Sawpit and 51.7 metres from the primary target Casterton Formation.
Elevated mud gas readings were observed during the drilling of the well over a gross interval of 340 metres of the Lower Sawpit Shale which contains extensive sandstone intervals.
This indicates that a substantial deep basin gas play may be present in the Penola Trough and complements the potential associated with the Casterton Formation.
Cooper and Beach will now move to drill the Bungaloo-1 well about 14 kilometres northwest of Jolly-1.
Bungaloo-1 targets the Casterton as its primary objective and the Lower Sawpit as a secondary objective.
Cooper has a 30% participating interests in PEL 495 and PRL-32. Beach has a 70% stake.
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