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Eastern Gas Corporation Limited (ASX:EGA)

ALERT: Price-sensitive ASX Announcement for EGA
Current share price for EGA : $0.180 0.01 (5.88%)+
Announcement
Release
10 Aug 2026 8:40AM
Price at Release
$0.170
Full Release
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Summary
Eastern Gas Corporation Limited has commenced drilling on the Venus-2H horizontal appraisal well at Project Venus, marking a significant milestone as it is the first horizontal coal seam gas well in the region. This drilling is expected to last approximately 14 days, after which production testing will begin. The Venus-2H well is designed to intersect with the existing Venus-1 well, creating an integrated production pilot aimed at gathering essential reservoir performance data. This effort is part of a broader appraisal program intended to support future reserve classification and commercial field development. Eastern Gas, listed on the ASX, is focused on advancing its gas resources to address energy security in Australia's east coast domestic markets amid a global energy crisis, positioning LNG as pivotal in transitioning to a carbon-free economy.
Key Points
  • Drilling of the Venus-2H horizontal appraisal well underway at Project Venus.
  • Venus-2H is the first horizontal coal seam gas well drilled in the region.
  • Drilling expected to take 14 days followed by production testing.
  • Venus-2H designed to intersect with Venus-1 for integrated production pilot.
  • Appraisal program aims to generate data for future reserve conversion and field development planning.
  • Initial gas deliverability data expected post drilling.
  • Eastern Gas Corporation Limited is focused on supplying reliable energy to east coast domestic markets.
  • LNG expected to play a critical role in the transition to a carbon-free economy.
  • Company's first drilling campaign since listing on ASX.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.