Australia’s Beach Finds More Oil

摘要

Australian mid-size player Beach Energy has announced two more oil discoveries in permits PEL 91 and PEL 92 in the western flank of the onshore Cooper Basin, which could add up to 2.5 million bbl of gross recoverable oil to existing production from the area. Bauer-1, the third successful well in a five-well exploration drilling campaign in PEL 91, encountered a gross oil column of 15 meters (50 feet), with 13 meters of net pay (OD Jun.2’11). The discovery is estimated to hold 2 million bbl of recoverable reserves. Bauer-1 is expected on stream in the fourth quarter. Beach operates the permit with a 40% stake, while Australian Drillsearch holds the remaining 60%.