Amplitude Energy to Start Flow Testing at Australia Project, Shares Up 3%

MT Newswires Live

Mar 09

Amplitude Energy (ASX:AEL) is set to start a flow test at its Isabella prospect, in which the company holds 50% through a joint venture with O.G. Energy, in Australia, after drilling intersected the targeted Waarre C formation gas reservoir, according to a Monday Australian bourse filing.

Preliminary data collected from ST-1, a planned sidetrack from the Elanora-1 well, to date imply high deliverability and low carbon dioxide levels in the Isabella reservoir, the filing added.

The company said that the gas water contact is currently interpreted as being below the Waarre C reservoir intersection, with technical results to date indicating potential for a larger gas accumulation than that implied by the Waarre C reservoir intersection alone.

The casing and completion of ST-1 and the flow test are expected to be completed within two weeks.

The company will make the final decision for the commercial development of the prospect after the flow test.

The company's shares rose 3% in recent Monday trade.

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