Essential Petroleum Resources Limited has advised that the East Wing-1 well was spudded at 0330 on Saturday 26 April. The well located in licence PEP 168 Otway Basin, Victoria has since reached programmed surface casing depth of 582m at approximately 1900 on 27 April without incident.
The Initial formation tops were intersected as expected and the anticipated program is to run and cement 244mm (9 5/8") casing and install the BOP. We expect to recommence drilling on 30 April 2008. The total depth of this well is approximately 2,400m.
The estimated recoverable gas resource for East Wing-1 well is in the range 5 to 9 BCF.
Essential Petroleum is targeting the onshore extension of the highly productive Pecten High trend, which has offshore discoveries containing more than 400 bcf of gas recovered in the Waarre Formation in the Casino, Henry and Halladale gas fields.
Essential Petroleum owns 100% of the PEP 168 permit.
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Essential Petroleum Resources Limited
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