Mosman Oil and Gas’ Petroleum Creek Project is 65% complete, the company announced today.
Crestal-2 of the project has progressed slightly slower than expected due to hole conditions similar to those of Crestal-1, which yielded an oil discovery in July. The drill has reached 80m in depth but the well has not penetrated the Eight Mile of Cobden formations.
John W Barr, executive chairman of the New Zealand and Australia-based firm, said: “The rate of drilling is disappointing; however one well does not distract us from the excellent results received over the last months. We are very pleased with the seismic acquisition to date, and we all look forward to the impending flow tests.”
The project began in June this year and is a 143.6sq.km low cost onshore exploration near Greymouth where the first drill was expected to be drilled to 400m.