Santos Drilling Ahead at Winchester Prospect (Australia)

Octanex N.L. has been advised by Santos Offshore Pty Ltd, the Operator of the Winchester-1 exploration well being drilled in the Dampier Sub-basin permit WA-323-P, that at 06:00 hours (WST) on Tuesday, 16 April 2013, the well was at a depth of 845m MDRT (measured depth below rotary table).

Since the well spudded on 7 April 2013, the 30″ conductor has been run and cemented in to 161m MDRT, the marine riser installed and drilling of the 26″ hole commenced. Planned operations over the coming week are to continue drilling the 26″ hole to the 20″ casing point at approximately 2040m MDRT.

Winchester-1 is to be a deviated well and is being drilled by the Ensco 109 jack-up rig. The well is being drilled in approximately 75m of water and to a total depth (TD) of 4803m MDRT. It is scheduled to take approximately 80 days from the spud date to reach TD.

Winchester-1 is targeting the hydrocarbon potential of Triassic aged reservoirs mapped within a four- way dip closed anticline structural closure. The well has been designed, inter alia, to target at least four potential reservoir zones, each associated with high amplitude seismic events. Winchester-1 is located on the northeast trending Parker Terrace, representing a structural high separated from the Rankin Trend to the east.

The Company’s wholly-owned subsidiary, Winchester Resources NL, holds a 25% participating interest in the WA-323-P and WA-330-P permits and this interest is being free carried through the drilling of the Winchester-1 well.

The participants in the WA-323-P and WA-363-P permits and their Joint Venture are:  Santos Offshore Pty Ltd  (75% ); Winchester Resources NL (25%)