Caracal-1 exploration well is situated about 40km southeast of the producing oil fields Ipundu/Tarbat, which so far have produced over 3.5 million barrels from the Wyandra/Murta interval.
The company drilled the vertical well as a part of its Tookoonooka drilling campaign and perforated and recovered free oil on swab testing commingled across two different sands in the Wyandra formation.
Bengal Energy president and CEO Chayan Chakrabarty said the company has made a new oil discovery during the first exploration well in its 100% working interest in Tookoonooka Block.
"We see the potential for significant Wyandra light oil development on the Caracal structure," Chakrabarty added.
"This makes nine successful wells on our Cooper Basin permits, including eight at Cuisinier, and portends an active drilling program in 2013."
While the final core analysis results are awaited to further define the reservoir characteristics, preliminary analysis indicates that the Wyandra permeability at Caracal-1 is similar to that seen in the Viking and Cardium plays in the Western Canadian Sedimentary Basin.
The Tookoonooka Block is situated on the southeast flank of the Cooper Basin in an established oil and gas producing area, and the Caracal-1 well has encountered light oil on a new and unexplored trend.
