Holloman Energy Corporation says that the Eastern Well 101 Rig has spud the Baikal #1 well in Petroleum Exploration License (PEL) 444 in South Australia's Cooper Basin at 6:30 pm South Australian time Dec. 3. At 8:00 pm South Australian time Dec. 4, the well was drilled to a depth of 2,063 feet (629 meters) and was progressing well.
The Company's CEO Mark Stevenson commented, "We are pleased that the operations for the Baikal #1 have begun and we are looking forward to the findings. The reduction in the cost of drilling services has benefited this well and will benefit future wells." Oil in the Cooper Basin typically has very low gas-oil ratios that require less processing and usually commands premium pricing over the Brent market price.