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Orion Petroleum updates progress on Toenda-1 oil and gas well

Orion Petroleum (ASX: OIP) has reported that the Toenda-1 exploration well (licence PEL 6) in northern New South Wales, spudded on Sunday, 11 April 2010.

As at the morning report of 13 April, the well had been drilled to a depth of 509m. The current operation is running 9 5/8” casing.

Following cementing, nippling up the BOP’s and pressure testing, the company said the forward plan is to drill ahead in 8 ½” hole.

Orion said the primary objective Permian Upper Back Creek sandstone is prognosed to be intersected at around 1,360m. The planned total depth for Toenda-1 is 1,850m.

Orion has a 97.5% interest in PEL 6 with the remaining 2.5% held by private interest holders.

Disclosure: The author holds no positions in the company