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.
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