SYDNEY, AUSTRALIA: Vintage Energy Ltd (ASX: VEN) notified that Cervantes-1, an oil exploration well within the onshore Perth Basin licence L14 is to be plugged and deserted after reaching Total Depth in a single day and failing to come across hydrocarbons.
Stratigraphic correlation throughout drilling proved extra difficult than anticipated, however intersection of the Holmwood Shale in a single day confirmed the potential part has been drilled. All potential reservoir sands are water-wet based on the lack of oil shows and interpretation of log data obtained whereas drilling.
Cervantes-1 was drilled by the L14 Cervantes Joint Venture comprising Vintage incomes 30%, Metgasco Ltd incomes 30% and RCMA Australia Pty Ltd (“RCMA”), 40%. Vintage will earn its stake in any Cervantes discovery within the focused Permian reservoirs through funding 50% of the price of Cervantes-1 (with Metgasco to fund the remaining 50% to earn its stake). The well was operated by RCMA, with drilling administration services supplied by Aztech Well Construction Pty Ltd.
www.vintageenergy.com.au