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Senex Energy Ltd. is set to commence a two well oil exploration program with Ambassador Oil and Gas Ltd. following the release of the Century Drilling Rig 3 from the Talaq-1 well site.
The Century Rig 3 is currently rigging up at the Shocking-1 well site in Exploration License 516, 65 km southeast of Moomba. Shocking-1 is the first of two conventional oil wells to be drilled in joint venture with Ambassador following the execution of a farmin agreement.
The Shocking-1 well is targeting mean recoverable oil potential of greater than 250,000 barrels of oil primarily from the Murta, McKinlay, and Birkhead formations. Secondary targets include the Mid-Namur and Hutton Sandstone formations.
Under the terms of the farmin agreement, Ambassador will pay 100% of drilling costs to earn a 60% interest in each successful prospect. Following the drilling of Shocking-1, Century Drilling Rig 3 will move to the second farmout well, Kruger-1.
Senex’s managing director, Ian Davies, said, 'Targeted farmouts are consistent with our growth strategy as they clearly enable Senex to cover additional exploration targets within our large acreage position.”