Sydney - Thursday - October 19: (RWE Australian Business News) - Sunshine Gas Ltd (SHG) reports a number of potentially promising gas zones have been intersected in the deepened section of the Champagne Creek 2 well. The decision has therefore been made to run production casing in the well. This will allow a cased-hole Drill Stem Test over the zones of interest to be conducted at a later date and thus determine the potential commerciality of the well. Attempts to recover the tools stuck down hole, as previously advised, will now cease and operations to run casing will commence. The primary objective of this re-entry and deepening project was to test the conventional gas potential of the Triassic aged Clematis Sandstone which had not previously been intersected by drilling on the prominent Champagne Creek anticline. The Champagne Creek structure is a dip-closed anticline with an estimated potential resource at the Clematis Sandstone level of up to ~60 billion cubic feet (bcf) of recoverable gas.
SHG Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
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