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Eastern Gas Corporation Limited (ASX:EGA)

ALERT: Price-sensitive ASX Announcement for EGA
Current share price for EGA : $0.170 0.04 (30.77%)+
Announcement
Release
21 Aug 2026 9:00AM
Price at Release
$0.130
Full Release
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Summary
Eastern Gas Corporation Limited announced the successful entry of their Venus-2H well into the target Macalister Lower coal seam, marking progress toward intersecting the existing Venus-1 well. The drilling has shown excellent gas shows with intervals of 100% coal cuttings and gas readings reaching 25.4%. Currently, Venus-2H is within 60 metres of Venus-1, with plans to complete a 1000 metre horizontal section. The high gas saturation levels indicate promising productivity, which will be confirmed through a planned dewatering and flow-testing program. The company is set to provide further updates as key operational milestones are achieved.
Key Points
  • Venus-2H has entered the target Macalister Lower coal seam and is drilling toward Venus-1.
  • Drilling encountered intervals with up to 100% coal cuttings and total gas readings up to 25.4%.
  • Gas readings above 8% are classified as excellent under the wellsite classification.
  • Venus-2H is currently 60 metres from Venus-1, with intersection activities expected soon.
  • Once Venus-1 intersection is achieved, drilling will continue to complete the 1000 metres horizontal section.
  • The drilling confirms high levels of gas saturation within the target coal along the Venus-2H trajectory.
  • Flow-testing program to assess water production, reservoir pressure, gas desorption, and gas flow.
  • Eastern Gas to provide updates on significant operational milestones, including flow test results.
  • Managing Director expressed confidence in the drilling results and the operational focus on completion.
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.