GAS FLOWS BOOST SENEX

Written on the 4 April 2013

GAS FLOWS BOOST SENEX

SENEX Energy (ASX: SXY) shares jumped 6 per cent this morning as it released promising flow results from a Cooper Basin test well.

Gas flowed at a rate of more than two million cubic feet per day at Hornet-1 unconventional well in permit PEL 115.

The tenement is 80 per cent owned by the Brisbane-based gas explorer, with Orca Energy (ASX: OGY) holding the remaining 20 per cent.

“Our exploration work to date confirms the southern Cooper Basin could hold a massive new gas resource,” SXY managing director Ian Davies says.

“We are moving quickly to capitalise on that potential.”

SXY shares were selling at $0.715 late this morning, up 5.93 per cent.

Orca’s Managing Director Greg Bandy says confirmation of the gas-bearing nature of the tight sands is the first step in unlocking the ultimate value Orca believes exists in PEL 115.

Hornet-1 was stimulated between 2484m and 2678m, targeting the tight gas sands of the Patawarra formation.

Initial production testing and pressure monitoring at ornet-1 will continue during April.


Latest News

STARSHIPS WERE MEANT TO DELIVER DOMINO'S PIZZA

NICKI Minaj may have been off the mark when she declared 'starships were meant to fly'. However, she m...

QUEENSLAND WEATHER UPDATE: MAJOR AIRPORTS STILL IN BUSINESS DESPITE CANCELLATIONS AND DELAYS

DESPITE the storms and flash floods which are continuing to wreak havoc across several Queensland cities and towns...

STARS ALIGN AS GOLD COAST ICON REBRANDS

TODAY marks a shift in the Gold Coast's constellation as the iconic Jupiters Hotel and Casino officially rebra...

OROTON GOES CLICKS AND BRICKS AS PROFITS SLIDE

TWO former Aussie lawyers have turned their passion for fashion into a $15 million dollar international business six ...

Related News

STARSHIPS WERE MEANT TO DELIVER DOMINO'S PIZZA

NICKI Minaj may have been off the mark when she declared 'starships were meant to fly'. However, she m...

RAY OF HOPE FOR SLATER AND GORDON AS LENDERS STEP IN

EMBATTLED law firm Slater and Gordon (ASX: SGH) has announced to the ASX that it has launched confidential discussion...

SPROUTX PROVIDES THE SEED FOR AGTECH STARTUPS

AGTECH innovation fund SproutX has opened applications for its first accelerator round, backed by $10 million from...

GAS PRICES MAY FORCE BRICKWORKS TO TAKE MANUFACTURING OVERSEAS

BRICKWORKS Limited (ASX:BKW) chairman Robert Millner says soaring energy prices may force the company to turn to offs...

EVENTS COMING UP

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter