Planet Gas Ltd (ASX:P1E) announced that its wholly-owned subsidiary's Venus-2H horizontal production well successfully intersected the existing Venus-1 vertical wellbore at approximately 927 metres measured depth and reached a total depth of 1,450 metres measured depth. Across the completed production wellbore, Venus-2H intersected a cumulative 445 metres of interpreted net Macalister Lower target coal, with repeated excellent gas shows recorded throughout the target coal intervals — including a peak total gas reading of 42.3%. The integrated Venus-2H/Venus-1 well system will now be completed and prepared for dewatering and flow testing.

Venus-2H Drilling Results

Venus-2H, a horizontal production well drilled by Planet Gas's wholly-owned subsidiary, successfully intersected the existing Venus-1 vertical wellbore at approximately 927 metres measured depth. The well reached a total depth of 1,450 metres measured depth. Across the completed production wellbore, Venus-2H intersected a cumulative 445 metres of interpreted net Macalister Lower target coal. Repeated excellent gas shows were recorded throughout the target coal intervals, with a peak total gas reading of 42.3% — a very high gas saturation indication for the Macalister Lower seam.

Integrated Well System and Next Steps

The Venus-2H Horizontal Well intersects the Venus-1 vertical wellbore, creating an integrated well system that combines the drainage area of a horizontal well (which runs along the coal seam for approximately 500 metres) with the existing vertical wellbore infrastructure. This system maximises the contact area with the Macalister Lower coal and is designed to optimise gas recovery during dewatering. The integrated Venus-2H/Venus-1 well system will now be completed and prepared for dewatering and flow testing — the next critical step toward determining commercial gas flow rates.

About the Company

Planet Gas Ltd is an ASX-listed coal seam gas exploration and development company with projects in Victoria's Gippsland Basin. The Venus project is the company's primary asset, targeting coal seam gas from the Macalister Lower formation. The Gippsland Basin is one of Victoria's historically productive oil and gas basins, and Planet Gas is seeking to develop its coal seam gas potential as a domestic gas Supply opportunity.

Risks

A peak gas reading of 42.3% is a positive gas show indicator, but gas shows are not a commercial flow rate — the dewatering and flow testing phase will determine whether the Macalister Lower seam can deliver economic volumes.

Coal seam gas dewatering can take an extended period (weeks to months) before gas flow rates reach meaningful levels. The timeline to commercial flow rate determination is uncertain.

The 445 metres of net target coal intersected is encouraging, but coal seam gas productivity also depends on permeability — the gas must be able to flow through the coal cleat system to the wellbore at sufficient rate.

Planet Gas is a small-cap explorer. Funding the completion, dewatering, and flow testing of Venus-2H/Venus-1, and any subsequent development activities, requires ongoing Capital management.

Victorian coal seam gas development faces a different regulatory environment to Queensland, with potential community engagement and land access considerations that could affect development timelines.

What to Watch Ahead

Completion of the Venus-2H/Venus-1 integrated well system and commencement of the dewatering programme.

Gas flow rate data during and after dewatering — specifically whether rates approach commercial thresholds for Gippsland Basin coal seam gas production.

Any formal gas rate test results from the Venus integrated well system, which would be the first commercial-scale flow test from this system.

Completion design decisions — the specific completion techniques (perforation patterns, stimulation, pump selection) for the integrated system will influence the flow test outcomes.

Any announced resource upgrade or contingent resource estimate for the Macalister Lower seam based on the Venus-2H results.