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Red Sky Energy Limited ( (AU:ROG) ) has shared an update.
Red Sky Energy has completed drilling operations at the Killanoola-2 oil appraisal well in South Australia’s Otway Basin, reaching a total depth of 1,044 meters. The well has been cased and suspended for potential future production, with petrophysical analysis confirming the presence of hydrocarbons in the Upper Sawpit Sandstone, though with low permeability. The company plans to evaluate stimulation options to enhance production potential and intends to complete both the KN2 and nearby DW1 wells using a workover rig, subject to regulatory approval. This development aligns with Red Sky’s strategy to unlock value at Killanoola through targeted artificial lift and stimulation, despite the current challenges of low reservoir quality.
More about Red Sky Energy Limited
Red Sky Energy Limited is an energy company operating in the oil and gas industry, focusing on exploration and production activities. The company is involved in the development of hydrocarbon resources, with a market focus on onshore projects in Australia, particularly in the Otway Basin.
Technical Sentiment Signal: Sell
Current Market Cap: A$27.11M
Find detailed analytics on ROG stock on TipRanks’ Stock Analysis page.