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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.
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