Real Energy Corporation Limited (ASX:RLE) reported that the Venus 1 well, on the Project Venus, has reached a total depth of 715 metres.
Excellent gas shows were recorded in the uppermost 3 to 5-metre-thick coal seams. Besides, fair to good gas shows were recorded in the deeper thinner coal seams.
The Company further reported that current operations are wireline logging, and over the weekend, the Juandah coals are likely to be underreamed prior to running a liner. Post this, a wellhead will be installed, and the Silver City Drilling rig will be demobilised.
RLE traded up by 4% at $0.026, mid-day on 6 November 2020.