Linc Energy is now moving onto well number three as part of its 10 well oil and gas exploration program in South Australia’s Arckaringa Basin. Its wells Haystack 1 and William Creek 1 were recently drilled to depth, with results to be assessed in the coming months. Cootanoorina 2 is the third of four wells in the first phase of the company’s drilling program in a region, largely devoid of exploration for nearly 30 years.
Linc Energy Chief Executive Officer Peter Bond said “This program could set the building blocks for an entirely new oil producing basin in Australia. When you consider that the size of the Arckaringa Basin is about three quarters of the total area of the state of Oklahoma, you get a sense of the enormous potential of this area. That said, one needs to appreciate how difficult it is to discover a new oil field.”
“We are focusing on oil first in this region of South Australia simply because it is the quickest route to revenue and profits whilst potentially adding incredible value to this significant 70,000 square kilometre asset,” said Bond.
Linc Energy has been active in South Australia since it acquired junior explorer SAPEX Limited in 2008. In parallel with the oil and gas exploration program, Linc Energy’s 1,127 kilometre seismic program in the Arckaringa Basin is now complete. A detailed data interpretation study will now follow.
“We are also drilling for coal in the Arckaringa Basin to seek more potential out of the region. I look forward to providing an update on the progress of this exciting program in the coming months," said Bond.