Beach Energy Limited (ASX:BPT) advises that four oil discoveries, consisting of three in PEL 91 (Beach 40% and operator, Drillsearch Energy Limited 60%) and one in PEL 92 (Beach 75% and operator and Cooper Energy Limited 25%), as well as a further development well interesection in the Bauer oil field in PEL 91, have recently been achieved.
Cooper Energy Limited
Cooper Energy Limited (ASX:COE) reports that Mills-1, an exploration well in PEL 92, Cooper Basin, South Australia, has been plugged and abandoned after reaching a total depth of 1,900 metres and failing to record any significant hydrocarbon shows.
Beach Energy Limited (ASX:BPT) advises that oil production has commenced through the new Western Flank flowlines, which are tied-in to the Moomba facility, with production to be scaled up over the course of December 2012.
Beach Energy Limited (ASX:BPT) advises a new field oil discovery, with an oil column encountered in the Namur Sandstone and oil shows in the Birkhead Formation at Windmill-1 in PEL 92. The pre-drill upside gross estimate for the Namur target of 440,000 barrels of recoverable oil is supported by wireline log data.
Beach Energy Limited (ASX:BPT) advises that, under the off-market takeover offer by Cooper for Somerton, it will accept the shares and cash option for the 55.44% relevant interest it has in Somerton
Beach Energy Limited (ASX:BPT) has been informed by Santos (ASX:STO), the operator of the Tantanna to Moomba oil pipeline, that Santos plans to permanently shut down the Tantanna to Gidgealpa oil pipeline on 1 June 2012. The new Lycium Hub to Moomba trunkline, which will replace the Tantanna pipeline and have an increased capacity of 15,000 bopd, is expected to be operational in Q4 2012
Beach Energy Limited (ASX:BPT) To Accept Cooper Energy (ASX:COE) Off-Market Takeover Offer For Somerton Energy (ASX:SNE)
Beach Energy Limited (ASX:BPT), as a majority shareholder of Somerton, advises that it will accept the off-market takeover offer by Cooper for Somerton in the absence of a higher offer.
Beach Energy Limited (ASX:BPT), as a majority shareholder of Somerton Energy, is considering its position in relation to the off-market takeover bid by Cooper Energy for Somerton Energy announced today. The offer price represents 21.8 cents per Somerton share for an all shares offer, and 21.9 cents per share for the shares and cash alternative and values Somerton at approximately $31.5 million.
Beach Energy Limited (ASX:BPT) (PINK:BEPTF) has been informed by Santos Ltd (ASX:STO) that the pipeline between the Tantanna facility and the Gidgealpa facility is now back online and is flowing at approximately 5,500 barrels of oil per day ("bopd"). The re-commissioning of the Tantanna pipeline is over two months ahead of Beach's initial expectations.
Beach Energy Limited (ASX:BPT) (PINK:BEPTF) advises that following mapping work undertaken on the Bauer Field in PEL 91 (Beach - 40% and Operator, Drillsearch Ltd (ASX:DLS)- 60%), Beach anticipates the field has the potential to deliver mean recoverable reserves of around 3.5 million barrels (MMbbl) (gross), up from the initial estimate of 2.0MMbbl (gross).