Join our daily newsletter At The Bell to receive exclusive market insights
- Talon Energy (TPD) and Strike Energy (STX) report they’ve successfully spud the Walyering-5 well in the Perth Basin of Western Australia
- Both energy stocks are working together to explore the area under the EP447 joint venture, which Talon has a 45 per cent stake in while STX own the remaining 55 per cent
- W-5 was spudded on Sunday and drilling at the well has now reached a depth of more than 480 metres, with plans to add the first casing point at 1010 metres
- All up, the companies will drill Walyering-5 to a total depth of 3138 metres as they test the up-dip potential of the Walyering wet-gas discovery
- Shares in Talon Energy are trading steady at one cent each and Strike Energy is also trading steady at 17 cents per share
Talon Energy (TPD) and Strike Energy (STX) have successfully spud the Walyering-5 well in the Perth Basin of Western Australia.
The two ASX-listed energy stocks are working together to explore the EP447 joint venture, which Talon has a 45 per cent stake in while STX own the remaining 55 per cent.
The companies reported W-5 was officially spud of Sunday, November 14, after rig maintenance and moving operations were completed smoothly.
Drilling at the well is now underway and currently ahead at a depth of 483 metres, with plans to add the first casing point at 1010 metres.
All up, Strike and Talon will drill W-5 to a total depth of 3138 metres as they test the up-dip potential of the Walyering wet-gas discovery.
Talon’s Managing Director David Casey explained the success of Walyering-5 could result in a significant re-rating of Talon’s other prospects in the Perth Basin.
“This is an exciting next step in the evolution of Talon Energy as it looks to transition from explorer to potential producer,” he said.
“Furthermore, we are encouraged that any success at Walyering has the potential to yield significant additional upside at the much larger Condor structure in EP494.”
Shares in Talon Energy were trading steady at one cent each and Strike Energy’s shares were also trading steady at 17 cents at 1:35 pm AEDT.
