Senex Energy Ltd. and Planet Gas Ltd. are commencing a two-well drilling program within PEL 514 in the South Australian Cooper Basin, a press release said.

Subject to final approvals, the program includes the drilling of two wells, Hathi-1 and Bagheera East-1, back to back. Hathi-1 is scheduled for spudding on or around Sept. 9.

The Hathi-1 vertical exploration well is located in the northwest of PEL 514 situated about 19 km (12 miles) northeast of the Tarragon oil field. The Hathi prospect has been mapped as a four-way closure at multiple horizons using data from the recently recorded Dundinna 3-D seismic survey.

The exploration well will be drilled to a total depth of approximately 2,530 m (8,300 ft) to test the oil potential of the Tinchoo Formation with the Poolowanna and Birkhead formations and the
Hutton Sandstone as secondary targets.

The Bagheera East-1 vertical exploration well also is located in the northwest of PEL 514 situated approximately 10 km (6.2 miles) northeast of Hathi-1. The Telopea Field and the Keleary Field are located 13 km (8 miles) and 10 km respectively southeast of Bagheera East.

From the Dundinna 3-D seismic survey analysis, the Bagheera East prospect is a structural trap mapped as a four-way dip closure.

The exploration well will be drilled to a total depth of approximately 2,510 m (8,235 ft) to test the oil potential of the Tinchoo Formation with the Poolowanna and Birkhead formations and
the Hutton Sandstone as secondary targets.

The drilling program forms part of a second farm-in agreement with Senex of May 2013. Planet Gas holds a 20% project interest in PEL 514, while Senex holds an 80% interest and is the operator. The Planet Gas project interest, including the drilling and completion of Hathi-1 and Bagheera East-1, is free carried by Senex.