Vintage Energy has secured regulatory approvals and the contracting of a rig to drill Cervantes-1 in the onshore Perth Basin licence L14.
The well is operated by RCMA, and Vintage will fund 50 per cent of the cost of Cervantes-1 to earn its stake in the discovery in the targeted Permian reservoir.
Metgasco will finance the remaining 50 per cent to earn its stakes.
A drilling contact bas been signed with Ensign, and the Ensign 970 drill has been secured for the project, following its release from current operations at South Erregulla-1.
Preparatory site works will commence forthwith prior to the rig’s arrival, expected around mid-March, with spudding expected for the second half of the month.
The Cervantes oil prospect has been assessed to contain gross recoverable prospective resources of 15.3 million barrels of oil (4.6 million net to Vintage).
Success rate has been estimated at 28 per cent.
Subscribe to Oil & Gas Today for the latest industry news.