Adelaide, Dec 24, 2008 AEST (ABN Newswire) - Beach Petroleum Limited (ASX:BPT)(PINK:BEPTF) announce the drilling report for the week ending ending 24 December 2008
Beach Petroleum Operated Cooper / Eromanga Exploration
The Callawonga-5 oil field development well (PPL 220) has been cased and suspended as a future Namur Sandstone oil producer, having encountered 4 metres of net oil pay over a 5 metre interval. The Ensign 30 rig is being moved to Callawonga 6, the second of four back-to-back wells being drilled in PEL92 / PPL 220 by the Joint Venture. Interests in the four well program are Beach Petroleum Ltd (75.00%) and Cooper Energy Ltd (25.00%).
Cooper/Eromanga Oil Exploration and Development - Santos Operated
In areas operated by Santos, one well was unsuccessful (Gidgealpa-61, Beach 20.21%) and one well is in progress (Minos-1, Beach 30.00%).
Beach Operated Offshore Australia Program - South East Australia
Fermat-1, located in offshore Otway Basin Permit Vic/P46, is drilling ahead in the upper Belfast Mudstone at a depth of 2162 metres MDRT. Interests in Fermat-1 are Beach Petroleum Ltd, 50.00%, Essential Petroleum Resources Ltd, 25.00% and Mitsui E&P Australia Pty Ltd, 25.00%.
Egypt - South East July Concession - Gulf of Suez
The Inter-Ocean III jack-up rig moved onto the South July-1 location on 20 December and the well is expected to spud later today. The well is targeting a mean potential oil resource of approximately 100 million barrels in the Rudeis and Nubia Formations within a tilted fault block closure. The drilling of South July-1 is being conducted by Dana Petroleum on behalf of Concession Operator Santos Egypt Pty Ltd. Interests in South July-1 are Beach Petroleum (Egypt) Pty Limited, 20.00%, Santos Egypt Pty Ltd, 40.00% and Dana Petroleum (E&P) Limited, 40.00%.
------------------------------------Well Participants------------------------------------South July-1 BPT 20.00% SE July Concession STO* 40.00% Oil Exploration Well DNX 40.00% Gulf of Suez, Egypt ---------------------------------------------------------------Weekly Progress & Summary Primary Targets---------------------------------------------------------------Report Time: 0600hrs (Egypt) 24/12/2008 Rudeis FmDepth: 171m Nubia SstOperation: Preparing to spud. Progress: 171m ------------------------------------Well Participants------------------------------------Fermat-1 BPT* 50.00% VIC/P46 EPR 25.00% Gas Exploration MIT 25.00% Otway Basin, Vic --------------------------------------------------------------- Weekly Progress & Summary Primary Targets --------------------------------------------------------------- Report Time: 0600 (AEST) 24/12/2008 Waarre FmDepth: 2162m Flaxman FmOperation: Drilling ahead in the Belfast Mudstone. Progress: 1163m ------------------------------------Well Participants------------------------------------Callawonga-5 BPT* 75.00% PPL 220 COE 25.00% Oil Development C/E Basin, SA ---------------------------------------------------------------Weekly Progress & Summary Primary Targets---------------------------------------------------------------Report Time: 0600 hrs (CST) 24/12/2008 Namur SstDepth: 1422m (TD) Operation: Well has been cased and suspended as a future Namur Sandstone oil producer; rig being moved to Callawonga-6Progress: 704m ------------------------------------Well Participants------------------------------------Minos-1 BPT 30.00% ATP 259P STO* 70.00% Oil Exploration C/E Basin, Qld ---------------------------------------------------------------Weekly Progress & Summary Primary Targets---------------------------------------------------------------Report Time: 0600 hrs (AEST) 24/12/2008 Hutton SstDepth: 1234m Namur, BJ (s)Operation: Drilling main hole. Progress: 1234m ------------------------------------Well Participants------------------------------------Gidgealpa-61 BPT 20.21% PPL 6 STO* 66.60% Oil Appraisal ORG 13.19% C/E Basin, Qld ---------------------------------------------------------------Weekly Progress & Summary Primary Targets---------------------------------------------------------------Report Time: 0600 hrs (CST) 24/12/2008 Birkhead FmDepth: 1888m (TD) Hutton SstOperation: Well has been plugged and abandoned Progress: 227m ------------------------------------Well Participants------------------------------------Tirrawarra-74 BPT 20.21% PPL20 STO* 66.60% Gas Development ORG 13.19% C/E Basin, SA ---------------------------------------------------------------Weekly Progress & Summary Primary Targets---------------------------------------------------------------Report Time: 0600 hrs (CST) 24/12/2008 Patchawarra FmDepth: 2772m Tirrawarra SstOperation: Drilling ahead in the Patchawarra Formation. Progress: 1821m --------------------------------COAL SEAM GAS PROJECTS Location Participants--------------------------------PL-198 BPT 40% Coal Seam Develop't AOE* 60% Surat Basin, QLD --------------------------------------------------------------------Well Depth Operation: 0600hrs (EST) 24th December 2008--------------------------------------------------------------------Tipton- 146 250m Surface casing run, will recommence drilling on the 5th January. * Operator (s) Secondary TargetsAOE Arrow Energy NLEPR Essential Petroleum BPT Beach Petroleum Ltd ORG Origin Energy Resources LTD MIT Mitsui E&P Australia STO Santos Limited COE Cooper Energy Resources DNX Dana Petroleum
Contact
Reg Nelson
Beach Petroleum
08 8338 2833
Mark Lindh
Adelaide Equity
0414 551 361
Ian Howarth
Farrington National
03 9223 2455
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