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Statoil Spuds Test Well In EP127, Georgina Basin

|Includes:Statoil ASA (STO)

Baraka Energy and Resources announced that Statoil has commenced drilling operations at the OzBeta-1 test well, located in EP 127, Georgina Basin, Australia. OzBeta-1 is the first of three vertical test wells that Statoil is drilling as part of the 2014 Work Plan and Budget at EP 127 and EP 128. The well will be drilled to a total depth of 1,300m and is expected to take approximately 28 days.

The well will test three potential pay zones targeting a 40-50m section expected within the Thorntonian Limestone Formation. Subject to results of the initial drilling, it is expected that the well will be cased for future hydraulic fracture stimulation and production testing.

The three wells to be drilled in EP 127 and EP 128 are part of a broader program of drilling five wells and the completion of testing of up to three wells. The other two wells, OzDelta-1 and OzEpsilon-1, will be drilled in EP 128.

In Apr-2013, PetroFrontier announced the spudding of the Statoil-operated first test well (Oz-Alpha 1).

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Stocks: STO