GAS FLOWS BOOST SENEX

GAS FLOWS BOOST SENEX

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.

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

A game changer? Aspiring to the new standard on workplace mental health
Partner Content
Work health and safety regulators have been more active in the area of mental health ri...
Aon
Advertisement

Related Stories

WA suspends planned quarantine-free travel bubble with Queensland

WA suspends planned quarantine-free travel bubble with Queensland

The proposed quarantine-free travel bubble between Queensland and W...

Start-ups ready for orbit aboard Space Machines Company’s first mission

Start-ups ready for orbit aboard Space Machines Company’s first mission

The start-up world is clamouring for its place in orbit with Austra...

"Wake-up call" for the Gold Coast as rideshare driver tests positive to COVID-19

"Wake-up call" for the Gold Coast as rideshare driver tests positive to COVID-19

An unvaccinated Gold Coast-based rideshare driver in his 30s is rep...

Retailers set for pre-Christmas spree as hospitality takes a bigger bite

Retailers set for pre-Christmas spree as hospitality takes a bigger bite

Australian retailers are heading for another big spending spree ove...