24 September 2014
The Manager Companies
ASX Limited
20 Bridge Street
SYDNEY NSW 2000 (4 pages by email)
Dear Madam
The following provides an update to the Hathi-1 exploration well located within PEL 514 in the South Australian Cooper Basin.
HATHI-1 EXPLORATION WELLSpud Date: | 13 September 2014 |
Planned Total Depth: | 2,530 metres (subsea) |
Current Depth: | Total depth of 2,568 metres (MDRT*) reached at 0015 hours on 24 September 2014 |
Operations: | Preparation for running wireline logs |
Participating Interest: | Senex Energy Limited 80% (Operator) Planet Gas 20% (free carried) |
*MDRT - measured depth below rotary table
About Hathi-1The Hathi-1 vertical exploration well is located in the northwest of PEL 514 situated approximately 19 kilometres northeast of the Tarragon Oil Field (see Figures 1 and 2).
Planet Gas Limited ABN 46 098 952 035Level 2, 66 Hunter Street Sydney NSW 2000 Australia T +61 2 9300 3322 F +61 2 9221 6333
W www.planetgas.com
The Hathi Prospect has been mapped as a four-way closure at multiple horizons using data from the recently recorded Dundinna 3D seismic survey.
The exploration well was planned to a total depth of approximately 2,530 metres (subsea) to test the oil potential of the Tinchoo Formation with the Poolowanna and Birkhead Formations and the Hutton Sandstone as secondary targets.
The Hathi-1 well and the following Bagheera East-1 well form part of a second farm-in agreement with Senex Energy Limited ('Senex') of May 2013. Planet Gas holds a 20% project interest in PEL 514 while Senex holds an 80% interest and is the operator. The Planet Gas project interest, including the drilling and completion of Hathi-1, is free carried by Senex.
For further information, contact Anthony McClure or Peter Nightingale on +61 2 9300 3322. Yours sincerely
Peter J. Nightingale
Director
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BAGHEERA EAST-1
HATHI-1
Coonaie •
. Planet Gas Tenement
Gasfield
Oilfield
-- Gas Pipeline
-- Oil Pipeline
Proposed Oil Pipeline
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Kilometres
(@) PianetGas
Figure 1: Location of Hathi-1 Weli
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Figure 2: Location of Hathi-1 Well4
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