Acer Energy Spuds Cypress 1 Gas Well

Acer Energy has spudded its Cypress 1 wet gas exploration well. The well is the first exploration well drilled as part of a three well exploration program targeting both wet gas and tight oil targets in PEL 103 in Cooper Basin. Acer is the operator and 100% participant of PEL 103.

Cypress-1 is targeting a large conventional wet gas prospect located 12km south of the Flax 1 oil and gas discovery  and 12 km north-east and up dip from the Packsaddle Wet Gas Discovery which flowed 2.4 MMCFD.

The primary objective of the well is to test the wet gas potential of the Patchawarra Formation and Tirrawarra Sandstone. Secondary objectives are the gas potential of the Toolachee and Poolowanna formations and the oil potential of the Middle-Late Jurassic Birkhead and Murta formations. The target Patchawarra sands are estimated to contain 70 BCF gas in place (Mean) up to 123 BCF (High).

Cypress-1 is planned to be drilled to a total depth of 2,750 metres and is forecast to take approximately 23 days to reach its target depth.