Planet Gas (ASX: PGS) and Senex Energy (ASX: SXY) are poised to spud the Sprigg-1 exploration well that will test the oil potential of the Tinchoo Formation in the South Australian Cooper Basin.
The highly awaited drilling campaign could well transform Planet Gas into an oil and gas producer if successful.
Sprigg-1 is located 4.5 kilometres west of the Acrasia oil field and will also intersect the Hutton Sandstone and Arrabury Formation that have produced oil in nearby wells.
It will be followed by the Pirraminta-2 exploration towards the end of October that will test the hydrocarbon potential of the Murta Formation on a large four-way dip closure.
Pirraminta-2 is located on a portion of the Gidgealpa-Merrimelia-Innaminka Ridge about 20 kilometres northeast of the Merrimelia oil and gas field.
Senex is free carrying Planet Gas for the two wells as part of its farm-in agreement to earn a 80% interest in PEL 514.
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