Acer Energy has discovered additional potential pay zones at its 100% owned Flax field in Australia's Cooper Basin.
Flax 1 well was re-entered and of the 9m mid-Patchawarra pay interval, the lower 4.5m were successfully perforated.
The well has now been returned to production with initial results confirming sustained contribution from the un-stimulated additional reservoir.
Tests were undertaken to determine the oil and gas composition and productivity of the previously-unproduced Patchawarra channel sand, which entailed re-evaluation of well data to identify potential pay zones.
Acer Energy stated the re-evaluation found multiple target zones within the Patchawarra formation across several of the existing wells, above the current producing reservoirs.
Acer Energy managing director Clint Adams said, "Fundamentally, more recoverable resource from an already developed and producing oil field represents the lowest cost, lowest risk and highest margin opportunity for shareholders."
The mid-Patchawarra interval includes a productive reservoir that has not been included in the current independent resource estimate of 15 million barrels of original-oil-in-place (BOE OOIP) for the Flax field.
Acer expects that a similar mid-Patchawarra interval is likely to be present in other wells and could increase the size of the Flax field resource if confirmed.
Image: Fracture Stimulation being carried out at Flax 1. Photo: Acer Energy.