Metgasco has confirmed that the Ensign 970 drilling rig has been released by the previous Perth Basin operator and is moving to the Cervantes-1 location.
The Ensign 970 rig is a 1500HP rig which has safely and successfully drilled wells in the Perth Basin for other operators. It is anticipated that the Cervantes-1 well would spud on or around the 25 March.
The Cervantes oil prospect is on trend with the Cliff Head, Jingemia and Hovea oil fields.
The structure is a high side fault trap similar to other fields in the basin.
The well will target Permian sandstone reservoir targets which have been prolific producers in the Perth Basin.
The Cervantes-1 well is designed as a moderately deviated well to be drilled to a depth of circa 2600m MDRT intersecting the Dongara, Kingia and High Cliff Permian reservoirs.
As announced by Metgasco on 10 September 2019, Cervantes is assessed to contain Gross recoverable Prospective Resources (P50) of 15.3 million barrels of oil. (4.6 million barrels net to Metgasco).
The Cervantes-1 well is to be drilled by the L14 Cervantes joint venture (CJV) comprising Metgasco (30 per cent), Vintage Energy (30 per cent) and RCMA Australia, (40 per cent). Metgasco is earning its stake in any Cervantes discovery in the targeted Permian reservoirs through funding 50 per cent of the cost of Cervantes-1, with Vintage to fund the remaining 50 per cent to earn its stake.