Adelaide, May 22, 2008 AEST (ABN Newswire) - May is proving to be a very successful month for Beach Petroleum (ASX:BPT)(PINK:BEPTF), on several fronts. The Cooper/Eromanga oil program has been successful at both Bodalla South-19 and Bodalla South-20 (Beach 100% interest in both wells) and in Santos-operated wells Cook-14 (Beach 20%) and Bindah-2 (Beach 20.21%).
Earlier in the month, Basker-6 ST1 (offshore Gippsland Basin, Beach 30%) flowed three separate reservoir intervals at oil rates between 3980-4800 bopd. It is expected that Basker-6ST1 will be placed on production in July and add significantly to the field's overall oil production rate.
Beach Petroleum is also benefiting from growth of the Coal Seam Gas (CSG) sector in southern Queensland. Beach holds a 40 percent interest in the Tipton West CSG project in PL 198 (ATP 683P), which is currently producing at about 20 TJ/day. The current drilling program is expanding production by stepping outward and by appraising the deeper Taroom Coal interval. Results to date indicate that similar developments to that of Tipton West will be possible in other regions of ATP 683P.
Further afield, Beach is becoming increasingly active outside of the Company's traditional areas of interest. Earlier this month, Beach announced that it has been granted exclusive rights to negotiate with the Tanzanian Government to explore on the southern half of Lake Tanganyika, which forms part of the East African Rift System. This Block covers approximately 5,400 square kilometres of the lake and its margins in western Tanzania.
Encouragement is provided by recent drilling in the Ugandan portion of the East African Rift (Albertine Graben), where several significant discoveries have been proven within a similar geological setting.
Weekly Drilling Report
Cooper/Eromanga Oil
- Bodalla South-20 oil appraisal well (Beach 100%) has been cased and suspended as a future Birkhead Formation oil producer.
- In areas operated by Santos, one well is in progress (Mitchie-2, Beach 20.21%).
Contact
Hector Gordon
Chief Operating Officer
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