L&M Petroleum Limited (LMP) announces that the Goodwin-1 well spudded at 11.45 NZT today. The well drilling and coring operations are projected to take five days to reach the total depth of ~250m.
The Goodwin-1 well, located in the eastern portion of petroleum exploration permit (PEP) 38226 (Waiau) adjacent to the proven Ohai coalfield, is the first of three wells to be drilled in the Company’s 2008 coal seam gas (CSG) exploration program in the South Island of NZ, which is targeting up to 300 PJ of coal seam gas resources.
LMP plans to drill up to eight wells in 2008 to help confirm the extent of the coal seam gas potential resources contained within its permits. The Company’s initial analysis indicates its onshore Western Southland Basin permits may hold up to 300 PJ of CSG potential resources.