THE ROADHOUSE BOWSER: Origin Energy (ASX: ORG) has claimed to have confirmed its Speculant-1 exploration well has discovered potentially commercial quantities of gas in Waarre Formation reservoirs in the Otway Basin, offshore Victoria, within the Origin operated VIC/L1(v) permit.
Origin described the Speculant discovery as a tilted fault block structure covering over seven square kilometres in a nearshore section off the Otway coast, and sits immediately north of the Halladale and Black Watch fields previously discovered by Origin in 2006.
Origin Energy chief executive officer upstream Paul Zealand said in the company’s announcement to the Australian Securities Exchange.
“We are pleased to have discovered new gas resources in the Otway Basin, an area in which we have a long history of operating,”
“We look foward to completing further evaluation of the resource, as we seek to continue to expand our gas portfolio in order to meet growing demand for gas.”
The company said Logging While Drilling (LWD) data acquired during the drilling of the well indicates the presence of potentially commercial quantities of gas within excellent quality sands of the Waarre Formation.
This formation contains sands over a gross interval of approximately 100m vertical thickness.
The company also indicated wireline formation pressure data has confirmed the presence of a gas column of approximately 145m within the Waarre C formation.
Further evaluation of secondary targets are currently underway.
The Speculant-1 exploration well spudded on 23 September 20.