Real Energy Corporation (ASX:RLE) continues to progress drilling of its Queenscliff-1 well in the Queensland Cooper Basin permit ATP 927P that will confirm the presence of basin centred gas and determine reservoir productivity.
Just last week, the company raised $5 million through a private placement to fund its exploration activities.
Since the last report, Queenscliff-1 was drilled from 1,765 metres to 2,793 metres without any incident.
Queenscliff-1 has a planned total depth of 3,113 metres and will confirm the presence of gas in the Toolachee and Patchawarra formations.
This will advance the company’s theory on the presence of basin centred gas within permit ATP 927P.
The earlier Tamarama-1 well in the same permit intersected 87 metres of strong net gas pay in the target Toolachee and Patchawarra formations.
An independent geologist’s report had estimated that the Permian section in ATP 927P and ATP 917P contained mean gross estimated petroleum initially-in-place of 10.2 trillion cubic feet of gas.
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