Primero West-1 Drilling Report
Brisbane, Nov 15, 2018 AEST (ABN Newswire) - State Gas Limited (
ASX:GAS) is pleased to advise that drilling activities at the Primero West- 1 well at the Reid's Dome Gas Project (PL 231) reached the planned depth of 250 metres this morning at 7:40AM (AEST). Drilling ceased at 250.77 metres total depth.
With the completion of drilling activities, logging, testing and cementing will now be conducted at Primero West-1 over the coming days. State Gas will release a further update when the results of logging and testing are available.
As previously advised, following these activities, the Primero West-1 well will be plugged and abandoned on the basis that any full-field development of the Cattle Creek Formation within PL 231 will require additional drilling and a focused seismic program to optimise the locations of production wells.
Primero West-1 was located and designed to test the Cattle Creek Formation within PL 231 and is 100%-funded by State Gas Limited in accordance with the requirements of the Joint Venture Operating Agreement.
Following completion of activities at Primero West-1, Silver City Drilling Rig-25 will be mobilised to the Nyanda-4 site approximately 13.5 kilometres to the south within PL 231.
The Nyanda-4 well has a planned depth of 1,000 metres and is a jointly-funded well in accordance with the terms of the Joint Venture Operating Agreement. Under the terms of the Agreement, State Gas is only responsible to meet its 60% of the costs.
State Gas Limited is Sole Operator and 60% owner of the Reid's Dome Gas Project (PL-231).
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About State Gas Limited
State Gas Limited (ASX:GAS) (OTCMKTS:STGSF) is a Queensland-based gas exploration and development company with highly prospective gas exploration assets located in the southern Bowen Basin. State Gas Limited's mission is to support east coast energy markets through the efficient identification and development of new high quality gas assets.
It will do this by applying an agile, sustainable but low-cost development approach and opportunistically expanding its portfolio in areas that are well located to gas pipeline infrastructure.
State Gas is 100%-owner of the contiguous Reid's Dome (PL-231) and Rolleston-West (ATP 2062) gas projects, both of which contain CSG and conventional gas. The Projects, together some 1,595km2 , are located south of Rolleston, approximately 50 and 30 kilometres respectively from the Queensland Gas Pipeline and interconnected east coast gas network. State Gas intends to accelerate commercialisation of these assets through the application of an innovative virtual pipeline ("VP") solution which will see the Company transport compressed gas by truck to existing pipeline infrastructure or to an end user.
State Gas also holds a 35% interest in ATP 2068 and ATP 2069 in joint venture with Santos QNT Pty Ltd (65%). These two new areas lie adjacent to or in the near vicinity of State Gas and Santos' existing interests in the region, providing for the potential of an alignment in ownership interests across the region over time and enabling synergies in operations and development.
State Gas is also participating in a carbon capture and sequestration initiative with minerals explorer Rockminsolutions Pty Ltd in respect of EPM 27596 which is located on the western border of ATP 2062. This project is investigating the potential of the unique basalts located in the Buckland Basaltic Sequence (located in EPM 27596) to provide a variety of in-situ and ex-situ carbon capture applications.
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