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Metgasco farms into Frey-1 well

Written by  AOG Staff Tuesday, 26 September 2017 07:48
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Metgasco has entered into an agreement with Senex Energy and Cooper Energy to farm-in to the Frey-1 well area within PEL93 in the South Australian Cooper basin.

The Frey prospect has the potential for stacked pay in multiple formations. The structure as mapped is a four-way dip closed anticline evident at all stratigraphic levels, Metgasco said.

The closure is imaged via 2D seismic exhibiting 30m of closure with an area of 9.5sq km at the lowest closing contour. Proximal Oil fields within a short distance of the proposed well, enhancing economics and making the development of any discovered hydrocarbons both quick and cost-effective.

If Metgasco elects, on success, to proceed with the acquisition of the farm-in interest, the joint venture will take steps to complete the registration of a license over the Frey-1 Area and it will be registered as the holder of a 20% participating interest in that permit.

"Metgasco will be responsible for paying 30% of the aggregate costs associated with the drilling of the Frey-1 well, up to a maximum aggregate cost of AU$600,000,” the firm said in a statement.

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