Planet Gas (ASX:PGS) and Senex Energy (ASX:SXY) are preparing to drill the Bagheera East-1 exploration well in South Australia’s Cooper Basin to test the oil potential of the Tinchoo Formation.
Notably for the company, Senex is free carrying it through drilling and completion of Bagheera East-1 and the earlier Hathi-1 wells.
Planet Gas has a 20% interest in PEL 514.
Bagheera East-1 is located about 10 kilometres northeast of Hathi-1. In addition, the Telopea Field and the Keleary Field are located 13 kilometres and 10 kilometres respectively southeast of the well.
From the Dundinna 3D seismic survey analysis, Bagheera East is a structural trap mapped as a four-way dip closure.
In addition to the Tinchoo, the well will also test the Poolowanna and Birkhead Formations as well as Hutton Sandstone as secondary targets.
The earlier Hathi-1 well is being plugged and abandoned after wireline logs indicated that trace hydrocarbons were intersected.
Planet Gas is capitalised at $8.7 million.
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