Drillsearch Energy Limited Stock Market Press Releases and Company Profile
Drillsearch Energy Limited (ASX:DLS) Western Cooper Wet Gas Project Update
Drillsearch Energy Limited (ASX:DLS) Western Cooper Wet Gas Project Update

Sydney, July 7, 2010 AEST (ABN Newswire) - Drillsearch Energy Limited (googlechartASX:DLS) (googlechartPINK:DRLLF) is pleased to announce preliminary testing results for the Canunda Wet Gas discovery in PEL 106B which is owned by DLS (50%) and Beach Energy Limited (googlechartASX:BPT) (googlechartPINK:BEPTF) (50%) as operator.

BPT has advised that as part of the on-going extended production testing of the Brownlow and Canunda Wet Gas discoveries previously reported on by DLS on 14 May 2010, the Canunda production testing of the upper most zone is producing exceptionally high levels of condensate or light oil.

Initial production rates reached as high as 800 barrels of liquids. Testing of the well was choked back to a 12/64" choke producing 1 MMscfd of gas and 180 barrels of liquids per day at a stabilized rate with no water production and increasing reservoir pressures. Due to limitations on both liquids storage at the well site and available trucking to transport the condensate/light oil to Moomba for sale the well has been choked back until additional storage and truck transport can be secured to test the well at much higher rates. In initial testing the well produced as high as 10.5 MMscf per day during clean up.

Over the 10 day testing of the upper zone, the Canunda well has produced over 2500 bbls of condensate/light oil. So far DLS has not received any estimates as to potential total condensate/light oil reserves for the Canunda discovery. BPT has advised that testing and analysis will continue over the next few weeks and once DLS has more complete information from BPT regarding the results of the testing and the reserves associated with the Canunda Wet Gas discovery, the company will provide shareholders with a full update.

For the complete Drillsearch Energy announcement including maps, please refer to the following link:

http://www.abnnewswire.net/media/en/docs/63249-ASX-DLS-598044.pdf

Contact

Brad Lingo
Managing Director
Tel: +61-2-9241-4440
www.drillsearch.com.au
Email: admin@drillsearch.com.au



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