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Perth, May 30, 2011 (ABN Newswire) - Beach Energy Limited (
ASX:BPT) (PINK:BEPTF) is pleased to announce a new field oil discovery has been made at Hanson-1, the first well in a five well exploration drilling campaign in PEL 91.
A gross oil column of seven metres, with five metres of net pay, was encountered in the Namur Sandstone section of the well. Preliminary volumetric assessment suggests up to one million barrels of recoverable oil (gross), with oil shows also encountered over a twenty four metre interval in the Birkhead Formation. These shows are currently being evaluated on wireline logs.
Hanson-1 is expected to be on-line in the third quarter of 2011, with transportation of oil from PEL 91 to be undertaken by truck in the short to medium term.
Following the completion of the evaluation program, the Ensign#18 rig will be moved to the Snellings-1 exploration well which is located about 1.5 kilometres to the north of Hanson-1.
Participants in PEL 91 are:
- Beach (Operator) 40%
- Drillsearch Energy Limited (ASX:DLS) (PINK:DRLLF) 60%
ASX:BPT) (PINK:BEPTF) is pleased to announce a new field oil discovery has been made at Hanson-1, the first well in a five well exploration drilling campaign in PEL 91.A gross oil column of seven metres, with five metres of net pay, was encountered in the Namur Sandstone section of the well. Preliminary volumetric assessment suggests up to one million barrels of recoverable oil (gross), with oil shows also encountered over a twenty four metre interval in the Birkhead Formation. These shows are currently being evaluated on wireline logs.
Hanson-1 is expected to be on-line in the third quarter of 2011, with transportation of oil from PEL 91 to be undertaken by truck in the short to medium term.
Following the completion of the evaluation program, the Ensign#18 rig will be moved to the Snellings-1 exploration well which is located about 1.5 kilometres to the north of Hanson-1.
Participants in PEL 91 are:
- Beach (Operator) 40%
- Drillsearch Energy Limited (
ASX:DLS) (PINK:DRLLF) 60%| 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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