PEL 495 covers approximately 280 sq. km of the Casterton fairway in the Penola Trough and is considered by Somerton to be prospective for both conventional and unconventional oil and gas plays.

Seven conventional oil prospects and leads are currently mapped in the tenement, each of which Somerton considers to have the potential to contain up to 4 million barrels of recoverable oil.  Sawpit-2 will test the oil potential of sandstones in the lower Pretty Hill Formation.  It is expected that the well will also be deepened to obtain core in the Casterton Formation in order to further assess the unconventional plays in the Penola Trough. 

The Sawpit-2 exploration well is scheuled for drilling in the second quarter of 2012.