Aussie JV sets target for drilling of Perth basin wildcat
Lockyer Deep-1 to be drilled in the first half this year if a rig slot can be negotiated
Australian joint venture Mineral Resources and Norwest Energy are aiming to drill the large Lockyer Deep-1 gas exploration prospect in the first half of this year in the "sweet spot" of the onshore Perth basin.
Norwest said today the proceeds of a A$2 million capital raising will be used to drill the well, which is on trend with the large Waitsia, West Erregulla and Beharra Springs Deep discoveries.
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Norwest estimates the combined Lockyer Deep-North Erregulla Deep greater structure holds prospective resources of up to 1.12 trillion cubic feet of gas.
The well will test a large, fault-closed three-way dip structure at the Kingia and High Cliff levels within the Permian gas play's "sweet spot", with Norwest putting the well's geological chance of success at 38%.
Norwest's managing director Iain Smith thanked the company's major shareholders for their support in the capital raise, and said his company was now "in an excellent financial position as we prepare to drill the Lockyer Deep gas prospect. While discussions regarding timing of a rig slot continue, we remain optimistic of drilling during H1 2021".
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