Planet Gas Updates on Drilling at Pirraminta-2 Well in PEL 514

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Australia’s energy explorer Planet Gas Limited provided Monday the following update on the Pirraminta-2 exploration well located within PEL 514 in the South Australian Cooper Basin.

PIRRAMINTA-2 EXPLORATION WELL
Spud date: Oct. 22

Planned total depth: 5,709 feet (1,740 meters)

Current depth: Total depth reached at 5,810 feet (1,771 meters) at 1300 hrs Oct. 31.

Operations: No significant hydrocarbons were intersected. Well has been cased and suspended as a future water well

Participating interest: Senex Energy Limited 80 percent (Operator), Planet Gas 20 percent (free carried)

ABOUT PIRRAMINTA-2

The Pirraminta-2 exploration well, was located in the south western section of PEL 514 and situated on a portion of the Gidgealpa-Merrimelia-Innaminka Ridge approximately 37 miles (60 kilometers) north northeast of Moomba.

Planet Gas holds a 20 percent project interest in PEL 514 while Senex Energy Limited (Senex), holds an 80 percent interest and is the operator.

The Pirraminta-2 well forms part of the initial farm-in agreement with Senex of December 2011. As part of that agreement Senex is required to drill two wells by end November 2013 with Pirraminta-2 being the second of the two well program. Planet Gas is free carried for the program.

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