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Sydney, Sep 21, 2011 (ABN Newswire) - 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).
The Ensign#30 rig is now moving to the Bauer Field, where a three well appraisal/development campaign will be conducted. This campaign will drill production wells that will be used to appraise the volumetric potential of the field. It is expected that the Bauer Field will be producing in the first half of 2012, subject to access. The Bauer-1 well was drilled in early August and encountered a gross oil column of fifteen metres, with thirteen metres of net pay, in the McKinlay/Namur Sandstone section of the well.
Following the Bauer Field campaign in PEL 91, drilling will commence on the Basham-1 exploration well.
In PEL 92 (Beach 75% and Operator, Cooper Energy Ltd (ASX:COE) 25%), Beach had further success with its Butlers-4 appraisal well which intersected a 7.5 metre oil column in excellent quality Namur Sandstone. It is expected that the Butlers-4 well will be on-line prior to the end of 2011, at which time the new oil facilities at the Butlers Field should be completed. The volumetrics of the Butlers-4 result are currently being assessed, with a reserves upgrade expected.
For the complete Beach Energy announcement including figures, please view:
http://media.abnnewswire.net/media/en/docs/ASX-BPT-184578.pdf
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).The Ensign#30 rig is now moving to the Bauer Field, where a three well appraisal/development campaign will be conducted. This campaign will drill production wells that will be used to appraise the volumetric potential of the field. It is expected that the Bauer Field will be producing in the first half of 2012, subject to access. The Bauer-1 well was drilled in early August and encountered a gross oil column of fifteen metres, with thirteen metres of net pay, in the McKinlay/Namur Sandstone section of the well.
Following the Bauer Field campaign in PEL 91, drilling will commence on the Basham-1 exploration well.
In PEL 92 (Beach 75% and Operator, Cooper Energy Ltd (
ASX:COE) 25%), Beach had further success with its Butlers-4 appraisal well which intersected a 7.5 metre oil column in excellent quality Namur Sandstone. It is expected that the Butlers-4 well will be on-line prior to the end of 2011, at which time the new oil facilities at the Butlers Field should be completed. The volumetrics of the Butlers-4 result are currently being assessed, with a reserves upgrade expected.For the complete Beach Energy announcement including figures, please view:
http://media.abnnewswire.net/media/en/docs/ASX-BPT-184578.pdf
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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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>>>             Beach Energy Limited>>> Cooper Energy Limited>>> Drillsearch Energy Limited |
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