21 January 2015
Speculant-1 exploration well reaches total depth
Origin Energy Limited (Origin) today announced that the Speculant-1 exploration well, which spudded at 04.00 hours EST on 23 September 2014, had reached total depth of 4,917m MDRT (Measured Depth Below Rotary Table).
As announced on 9 December 2014, the Speculant-1 exploration well had encountered potentially commercial quantities of gas in primary target Waarre Formation reservoirs in the Otway Basin, offshore Victoria.
Preparations are being made to suspend the Speculant-1 exploration well while development options for the resource are assessed.
Well type and location
The Speculant-1 exploration well is situated approximately 3km off the southern Victorian coastline, about 30km south east of Warrnambool. Extended reach drilling technology is being employed to access offshore gas reservoirs. The well was drilled using the rig Ensign 931 in conjunction with the development drilling of the Halladale field. Origin has 100 per cent ownership of the Speculant-1 well permit.
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Price review outcome and update on FY2021 guidance
Origin Energy Limited (Origin) has provided the following update on earnings guidance for the year ended 30 June 2021 (FY2021), following an adverse outcome on a domestic gas contract price review, combined with a further deterioration in Energy Markets’ operating conditions.