Senex Energy (ASX: SXY) is set to trade higher after flowing 1,200 barrels of oil per day during drill stem testing of its Dunlop-1 exploration well in the Cooper Basin, South Australia.
It success validates the ability of the company’s current drilling program of more than 30 wells to add reserves and increase production.
The oil flow was produced from a net pay interval in the McKinlay Member and the company will now test an interpreted net pay interval of up to nine metres in the Murta Formation.
Dunlop-1 will be cased and suspended as a future oil producer and will be brought on production this quarter.
Senex has a 100% interest in PEL 113.
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