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Planet Gas and partner define oil reserves at Sprigg Field in Cooper Basin

Published: 11:40 20 Aug 2013 AEST

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Planet Gas (ASX: PGS) has received initial gross Proved and Probable Reserve estimates for its Sprigg Field in the Cooper Basin, South Australia, of 188,000 barrels of oil.

The company has a 20% interest in PEL 514, which hosts the field, while the remaining 80% is held by Senex Energy (ASX: SXY).

Notably, the Sprigg Field is located immediately to the west of Senex’s Acrasia production field, offering a potential development option, while previous drilling in the area had confirmed the presence of a working hydrocarbon system in the Tinchoo Formation where the Reserves are located.

Senex are currently finalising the planning for the drilling of the Sprigg-1 well which will test the Tinchoo Formation as well as the deeper Hutton Formation.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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