- Metgasco (MEL) has provided an update on the drilling of the Vali-3 appraisal well in the Cooper Basin of Australia
- The energy stock advises the well has reached a depth 2377 metres and is at the top of the Toolachee Formation
- MEL says gas shows were observed in the mid-Nappamerri Formation while drilling and oil shows were encountered in the shallower Jurassic section
- The company is drilling Vali-3 alongside operator Vintage and Bridgeport, with the well expected to reach its total depth in the coming week
- MEL shares are trading steady at 3 cents each
Metgasco (MEL) has provided an update on the drilling of the Vali-3 appraisal well in the Cooper Basin of Australia.
MEL is drilling the well alongside the operator Vintage as well as the business Bridgeport Cooper Basin.
The energy stock advises Vali 3 recently reached a depth 2377 metres and is at the top of the Toolachee Formation.
Pleasingly, the company said gas shows were observed in the mid-Nappamerri Formation while drilling.
MEL said oil shows were also encountered in the shallower Jurassic section. including the Murta, McKinlay, Namur, Westbourne, Birkhead and Hutton formations.
No safety incidents have been recorded at the well and MEL said the company’s track record in the Vali Field remains unblemished.
Metgasco, Vintage and Bridgeport are drilling Vali-3 in a bid to appraise the extent of the deeper Patchawarra Formation gas accumulation.
The formation in questions was discovered during work at Vali-1 ST1 and confirmed in Vali-2.
The companies expect they will reach total depth at the Vali-3 well over the coming week.
MEL shares were trading steady at 3 cents each towards the close of market on Wednesday, June 16.