PARTNERS on Petroleum Exploration Licence 444, located in the western margins of the Cooper basin, have agreed to drill a well before the end of 2015.
Terra Nova Energy, Perseville Investing and Holloman Energy Corporation said members of the joint venture’s operating committee approved a plan to drill a commitment well to test the Baikal 1 target in late August.
Baikal 1 is one of many selected for drilling by Terra Nova’s technical team for drilling based on their extensive interpretation work on the reprocessed data from the Wingman 3D seismic survey.
Terra Nova said the well would be the initial well of a planned multi-well drill program on PEL 444, and the final commitment well under a second five year license term over the block.
Company chief executive Henry Aldorf said the company was pleased to have come to an agreement to drill the well, adding that the group had sufficient working capital to fund it and a planned multi-well drill program.
Holloman chairman Mark Stevenson said he believed that technical work performed at the project area had increased the joint venture’s chances of success.
“Additional discussions for the implementation of the drilling program will take place later this month.”
While the joint venture partners disagreed over rights of operatorship and working interest over the block, Holloman said that it and Terra Nova were continuing to work together to ensure the drilling program moved forward.