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Adelaide, April 13, 2011 (ABN Newswire) - Beach Energy Limited (
ASX:BPT) (PINK:BEPTF) had its third success from as many wells in its 16 well operated program in the Western Flank of the Cooper Basin with the Butlers-2 well encountering a five metre oil column. The Butlers-2 well is located 950 metres NE of the Butlers-1 discovery well.
The Butlers-2 oil column was encountered in the Namur Sandstone reservoir and was consistent with pre-drill expectations.
The large step-out will result in an upgrade of recoverable oil reserves from the Butlers Field of approximately 1.5 million barrels (gross), subject to remapping and a detailed review of the well data. Beach will announce a firmer reserve assessment as appropriate data becomes available.
Butlers-2 is is expected to be on-line around mid-July after completion of the new Butlers oil facility. Oil from the Butlers Field is transported from the Western Flank by flowline to Moomba.
The success at Butlers-2 is likely to lead to additional development drilling in the Butlers Field. The Ensign#30 rig will now be moved to the Butlers-3 development well location which is located about 320 metres to the NW of Butlers-1.
Participants in PEL 92 are:
- Beach 75% (Operator)
- Cooper Energy Limited (ASX:COE) (PINK:COPJF) 25%
ASX:BPT) (PINK:BEPTF) had its third success from as many wells in its 16 well operated program in the Western Flank of the Cooper Basin with the Butlers-2 well encountering a five metre oil column. The Butlers-2 well is located 950 metres NE of the Butlers-1 discovery well.The Butlers-2 oil column was encountered in the Namur Sandstone reservoir and was consistent with pre-drill expectations.
The large step-out will result in an upgrade of recoverable oil reserves from the Butlers Field of approximately 1.5 million barrels (gross), subject to remapping and a detailed review of the well data. Beach will announce a firmer reserve assessment as appropriate data becomes available.
Butlers-2 is is expected to be on-line around mid-July after completion of the new Butlers oil facility. Oil from the Butlers Field is transported from the Western Flank by flowline to Moomba.
The success at Butlers-2 is likely to lead to additional development drilling in the Butlers Field. The Ensign#30 rig will now be moved to the Butlers-3 development well location which is located about 320 metres to the NW of Butlers-1.
Participants in PEL 92 are:
- Beach 75% (Operator)
- Cooper Energy Limited (
ASX:COE) (PINK:COPJF) 25%| Tweet |
About Beach Energy Limited
Beach Energy Limited (ASX:BPT) is a long established oil and gas Exploration and Production Company, based in Adelaide, South Australia.
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