Monday, August 15, 2011
Beach Energy Ltd.
Beach Energy has made a new field oil discovery at Elliston-1, the second successful exploration well from three drilled in PEL 92 (Beach 75%) for the financial year to date.
The Elliston-1 well, located in the Western Flank of the Cooper Basin, encountered an oil column with net pay of three meters in the Namur Sandstone section of the well. Preliminary volumetric assessment indicates a discovery in the order of one hundred thousand barrels of recoverable oil (gross).
The Elliston-1 reservoir appears to be of high quality with the potential to deliver strong flow rates. As it is near infrastructure, the tie-in of the well should be relatively quick, with the well expected to be on-line in the fourth quarter.
Following the completion of the evaluation program, the Ensign #30 rig will be moved to the Perlubie-2 appraisal well which is located about four kilometers to the south of Elliston-1.
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