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Oil Basins to test Backreef oil discovery this week
Oil Basins (ASX: OBL) now expects production testing of the Backreef-1 oil discovery, onshore Canning Basin, to start on 24 May.
This was due to a downtime of the Australian Drilling Services Rig 2 and unexpected difficulty in drilling out the cement plug.
Backreef-1 was drilled in October 2010 and intersected estimated net oil pay of between 12 metres and 39.2 metres.
Oil Basins had said previously that a modestly successful testing would value the Backreef Oil Pool at between A$1.8 million and A$5 million risked to itself.
It would also lead to a large reduction in risk for other mapped leads in the area that hold in-place oil of 48 million to 117 million barrels of oil.
Oil Basins and Green Rock Energy (ASX: GRK), which has a 20% stake in the Backreef Area, will also have options to follow up on the discovery by using the 2 drilling slot options included in the testing contract with Australian Drilling Services.
http://www.proactiveinvestors.com.au/companies/news/29136/oil-basins-to-test-backreef-oil-discovery-this-week-29136.html
oil basins to test backreef oil discovery
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