Growler Field reserves upgrade by Operator
Growler Field reserves upgrade by Operator
Sydney, April 5, 2012 AEST (ABN Newswire) - Beach Energy Limited (ASX:BPT) (PINK:BCHEY) advises that Senex Energy Limited (ASX:SXY), operator of the Growler oil field on the Western Flank of the Cooper/Eromanga Basin, has today announced a major reserves upgrade for the field in PEL 105/PRL15 (Beach 40%, Senex 60%).

Senex reported that the reserve upgrade is predominantly the result of the successful and continuing appraisal and development drilling of the Growler Field. The five completed wells of the program to date have all intersected an oil bearing reservoir in the Birkhead Formation, all of which were targeted using the amplitude response on 3D seismic data. The sixth well, Growler-10, is currently being drilled.

Although Beach has not yet had the opportunity to review the operator's post drill technical assessment of the recoverable reserves of the Growler Field, we would anticipate an increase in Beach's assessment of the proved and probable reserves from the field.

If fully endorsed by Beach as part of its review of reserves at financial year end, a net increase of 1.3 MMbbls for the Growler Field would result, delivering a significant increase on the 0.9 MMbbls booked by Beach to date for the field.

Beach is currently carrying out an independent review of all of its reserves and resources, the results of which will be communicated to the market in due course.

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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.



Beach Energy Limited
T: +61-8-8338-2833
F: +61-8-8338-2336

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Senex Energy Limited             
Beach Energy Limited             

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