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Adelaide, July 6, 2011 (ABN Newswire) - Beach Energy Limited (
ASX:BPT) (PINK:BEPTF) is please to announce that the PEL 92 Joint Venture has approved the work program and budget for an aggressive exploration campaign for the twelve month period to June 2012. The program includes nine exploration wells and both 3D and 2D seismic.
The nine exploration wells will focus largely on the remaining prospectivity in the primary productive reservoir of the permit, the Namur Sandstone. Of the nine wells, two have been carried forward into the new permit year from the previously approved and currently active eleven well program. A further four of the nine are Namur exploration locations that have already been agreed and funds allocated by the Joint Venture. The remaining three exploration locations will be confirmed in due course following current drilling results and interpretation of the proposed seismic program. These wells will likely include tests of other play types.
Approximately 200km2 of 3D seismic will be targeted in the area of PEL 92 immediately to the west of the PEL 91 Joint Venture discoveries at Chiton, Hanson and Snellings. The 2D program will be directed in the east of the permit, to infill the currently sparse 2D grid.
The work program and budget as approved represents a capital investment of over $24 million and is expected to increment a risked mean reserve in the order of 1.8 million barrels of oil on a gross basis.
Beach (75%) operates PEL 92 on behalf of the Joint Venture with Cooper Energy (ASX:COE) (25%).
ASX:BPT) (PINK:BEPTF) is please to announce that the PEL 92 Joint Venture has approved the work program and budget for an aggressive exploration campaign for the twelve month period to June 2012. The program includes nine exploration wells and both 3D and 2D seismic.The nine exploration wells will focus largely on the remaining prospectivity in the primary productive reservoir of the permit, the Namur Sandstone. Of the nine wells, two have been carried forward into the new permit year from the previously approved and currently active eleven well program. A further four of the nine are Namur exploration locations that have already been agreed and funds allocated by the Joint Venture. The remaining three exploration locations will be confirmed in due course following current drilling results and interpretation of the proposed seismic program. These wells will likely include tests of other play types.
Approximately 200km2 of 3D seismic will be targeted in the area of PEL 92 immediately to the west of the PEL 91 Joint Venture discoveries at Chiton, Hanson and Snellings. The 2D program will be directed in the east of the permit, to infill the currently sparse 2D grid.
The work program and budget as approved represents a capital investment of over $24 million and is expected to increment a risked mean reserve in the order of 1.8 million barrels of oil on a gross basis.
Beach (75%) operates PEL 92 on behalf of the Joint Venture with Cooper Energy (
ASX:COE) (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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