Senex Energy Limited (Senex) advises that the Vintage Crop-1 exploration well in South Australian Cooper Basin permit PEL 516 (Senex 100%) has discovered a new oil field with the successful testing of the McKinlay Member.
A gross oil column of 10 metres with a three metre net pay was encountered in the McKinlay Member of the Murta Formation. A Drill Stem Test on the McKinlay Member recovered 39 barrels of 54.6 API, light brown oil in a 3 hour flow period, equivalent to a flow rate of 312 barrels of oil per day. Preliminary interpretation of the Drill Stem Test and wireline log data indicates at least 305,000 barrels of oil in place from this well."
It clarifys things a bit.
SXY Price at posting:
73.0¢ Sentiment: LT Buy Disclosure: Held
