Adelaide Energy Limited (ASX: ADE) has spud its Holdfast-1 well and is currently preparing to pressure test as well as cement the well, which is located at its Nappamerri Trough prospect. These steps were forced to be suspended earlier in the year due to the flooding disaster in Queensland, Australia.
“We are pleased that we have now got over some weather issues which delayed the spudding of Holdfast-1, a well that is intended to contribute to the establishment of a potentially very large contingent resource of shale gas across the Nappamerri Trough,” said Carl Dorsch, managing director of Adelaide.
The primary target of the Holdfast-1 is the Roseneath, Epsilon and Murteree shales/sand. The well was spud on Jan. 21 and it was drilled to a target depth of 3,625 meters.
In addition to its Holdfast-1, Dorsch also noted that the company is “looking forward” to the initial results from its Encounter-1 well.
“We remain confident that we will complete [the Holdfast-1] and the further planned evaluation work (fracing, core analysis, etc.) on both of the wells without any costs to Adelaide,” added Dorsch.
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