PEP 51151 (Alton). Preparations for drilling the shallow oil well, Talon-1, are advancing as planned. All regulatory and landowner agreements are now in place and a drilling contract has been signed for the Ensign Rig 19. Drill site construction is complete and drilling is expected to commence in late May / early June. The well is designed to test a Manutahi Formation shallow oil prospect located to the northwest of Origin Energy?s Manutahi Field (which produces from the same formation). The target has been calculated to have the potential to hold mean recoverable reserves of over 2 million barrels of oil at a relatively shallow depth (~1,500m). PEP 51151 (Alton) is located in the onshore Taranaki basin and covers an area of 482km2. The permit is operated by L&M Energy and is part of a 50:50 joint venture with AGL Upstream Gas (MOS) Pty Limited.
LME Price at posting:
11.5¢ Sentiment: Hold Disclosure: Held
