Wednesday, August 24, 2011
Beach Energy Ltd.
Beach announced discoveries from its two wells in the Egyptian Abu Sennan concession, with production testing on both wells continuing to assess volumes and commerciality. It is expected that there will be an expeditious tie-in of the wells due to the location of the wells being within 10 kilometers of existing pipeline infrastructure. Details regarding the outcomes of the flow testing from the wells will be advised in due course.
GPZZ-4 was drilled as the first well of a six-well program in the Abu Sennan concession. During initial drilling, hydrocarbon shows were found in the lower and upper Bahariya Formations, and the Abu Roash "G" Member. An extensive testing program of these formations is currently underway.
The second well, Al Ahmadi-1, has also encountered hydrocarbon shows within the Kharita Formation, the lower Bahariya Formation, the Abu Roash "G" Member and the Abu Roash "E" Member. Hydrocarbon zones highlighted by the wireline logging and testing will be followed up with a significant cased hole testing program.
Beach Managing Director, Mr Reg Nelson said, "This is a fantastic result for Beach's International operations and is a credit to the team that identified the potential of this permit in Egypt's Western Desert. We have mentioned on a number of occasions that in order to grow reserves and production, one has to look beyond its own shores, hence why we strategically identified and invested in countries such as Egypt. These discoveries at Abu Sennan justify this strategy and we firmly believe that there will be further success in the not too distant future."
The Joint Venture equity interests in Abu Sennan are:
- Beach (via wholly owned subsidiary Beach Petroleum (Egypt) Limited) - 22%
- Kuwait Energy - 50% and Operator
- Dover Petroleum - 28%
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