SYDNEY, Australia –Origin Energy Ltd. (ASX:ORG) has found what it calls potentially commercial gas in the Speculant-1 exploration well. The gas is in Waarre formation reservoirs in the Otway basin, offshore Victoria, Australia.
Preparations are being made to suspend the Speculant-1 exploration well, which reached TD of 4,917 m (16,132 ft) MDRT, while development options for the resource are assessed.
The well is 3 km (1.8 mi) off the southern Victorian coastline, about 30 km (18.6 mi) southeast of Warrnambool. Extended reach drilling technology is being employed to access offshore gas reservoirs.
Origin has 100% ownership of the Speculant-1 well permit.