The rig-up process is now underway, with the company now anticipating for the spudding of the well.
The Lockyer Deep-1 well is located within exploration permit EP368, and is a joint venture between Norwest (20 per cent) and Energy Resources (operator, 80 per cent).
The company outlined that the well location has been selected to test a large, fault-crossed three-way dip structure at the Kingia and High Cliff levels within the Permian gas play’s sweet spot.
The geological chance of success for Lockyer Deep-1 is estimated by Norwest to be 38 per cent.
Last week Energy Resources executed a rig sharing agreement with Strike Energy and a drilling contract with Ensign Australia.
The rig sharing agreement provides for Energy Resources to assume control of the Ensign 970 rig upon completion of operations at Strike Energy’s West Erregulla-5 well.
In January this year Norwest announced it had raised $2 million to fund drilling of the Lockyer Deep-1 exploration well.
The company advised that the funds would also be allocated toward planning and preparation for a 3D seismic survey across EP368 and EP426, desktop studies on exploration permit TP/15 and general working capital.
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