Senex Energy Limited will commence a major, fully self-funded, oil drilling campaign this weekend, with more than thirty wells to be drilled back-to-back across the northern and southern Cooper Basin over the next 12 months.
Over the next 12 months, Senex will drill more than thirty wells as the first phase of a broader, multi-year program to exploit the oil potential of Senex’s unrivalled independent acreage position in the South Australian Cooper Basin.
Drilling will initially focus on prospects in the southern oil province, with well sites located at, or near, existing oil fields. Work on the campaign will commence this weekend, with the Worrior-8 development well to be drilled at Worrior oil field. The aim of these initial wells is to add reserves, increase oil production and reduce costs in a number of mature fields with existing infrastructure, and to evaluate near-field exploration opportunities.
Over the last six months, Senex has received the initial interpretation volumes from the Cordillo 3D seismic survey, and has undertaken a comprehensive review of its existing assets. As a result, Senex has now identified more than 50 oil prospects across its permits in the South Australian Cooper Basin.
Senex Managing Director, Ian Davies, said the drilling campaign was focused on exploiting low risk oil opportunities to continue Senex’s enviable track record of materially increasing oil reserves and production.
“By analysing reprocessed seismic data and considering the application of well established production enhancement techniques our technical team has identified a large number of opportunities to improve the productivity of our existing assets and exploit oil zones that have previously been overlooked,” he said.
The prospects are generally located at, or close to, existing facilities where surface infrastructure costs have already been recovered. In addition, new exploration prospects will be drilled on the western flank of the South Australian Cooper Basin generated from the latest 3D seismic surveys. “Importantly, this major oil drilling program is fully self-funded from oil production”, Mr Davies said.
