Titan Energy (ASX:TTE) and AWE Limted (ASX:AWE) have spudded the Drover-1 exploration well in the North Perth Basin, Western Australia.
The well in EP455 is at a measured depth of 141 metres and drilling ahead to 900 meters in preparation for the installation of surface casing.
EP455is independently assessed to host Prospective Resources of more than 2.3 trillion cubic feet of gas.
The Drover-1 exploration well is located on pastoral land around 220 kilometres north of Perth, and will be drilled vertically to a planned total depth of 2,400 metres.
This is forecast to take approximately four weeks to complete.
The well is designed to test the unconventional gas potential in the southern area of AWE’s Perth Basin acreage and is targeting the Kockatea and Carynginia shale formations, the Irwin River Coal Measures and the High Cliff Sandstones.
Core samples will be collected and sent for analysis before determining the next phase of activity.
This and earlier geological and geophysical work is being funded by AWE Limited for an effective free-carry to Titan of $7.5 million.
Titan has a 18.5% interest in EP455.
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