Australia - drilling preparation underway in the B

Australia - drilling preparation underway in the Beetaloo Basin

Preparations for the Group's 2015 Australian three well drilling programme in the Beetaloo Basin, Northern Territory with our partners Origin and Sasol are at an advanced stage with drilling expected to commence mid- year 2015.

During 2014 significant progress was made with a comprehensive technical evaluation undertaken to identify a selection of appropriate well locations to penetrate oil mature through to dry gas mature sections of the Middle Velkerri shale. The principal objectives of the 2015 drilling programme are to:

penetrate the Middle Velkerri formation to assess hydrocarbon saturation and reservoir quality;
evaluate oil versus gas maturity and determine the most prospective areas and depth window;
provide wide geographical cover of the target Middle Velkerri formation; and
collect data points for subsequent vertical/horizontal drilling, completion and production testing.
Formation evaluation and reservoir characterisation will be carried out from these initial three wells through petrophysical interpretation, core analysis, geomechanical studies and stimulation design.

Tendering and contracting for the rig and key well services, and recruiting additional project resources are ongoing and the drilling campaign remains on track to begin in mid 2015.

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