Announces Bauer Oil Field Drilling Success Continues
Sydney, Aug 20, 2012 AEST (ABN Newswire) - Drillsearch Energy Limited (ASX:DLS) announced further success as the Western Flank Oil Field Development Program continues, with the completion of the Bauer-6 development well which is being cased and suspended as a future oil producer. The PEL 91 Joint Venture consists of Drillsearch 60% and Beach Energy as Operator 40%.
The Operator has run wireline logs and has confirmed 9 metres of net pay in the Namur and a potential 4 metres of pay in the McKinlay subject to future testing. Minor oil shows were observed in the Birkhead Formation, a secondary drilling target.
The success at Bauer-6 has confirmed that the Bauer Oil Field extends to the north west, with the McKinlay and Namur primary pay zones encountered in Bauer-6 higher than pre-drill estimates.
Drillsearch Managing Director, Brad Lingo said, "The positive result at Bauer-6 continues the success we have achieved at the Bauer Oil Field and increases our confidence that the Bauer Field maybe the largest McKinlay-Namur Oil Discovery on the Western Oil Flank."
The rig will now be moved to Bauer-8 with spud expected early next week. Bauer-8 will be the most northerly well drilled in the Bauer Field and will be seeking to establish the potential for the field to extend significantly further north.
View announcement and diagrams here:
About Drillsearch Energy Limited
Drillsearch Energy Limited (ASX:DLS) explores and develops conventional oil and gas projects. Drillsearch has a strategic spread of petroleum exploration and production acreage in Australia's most prolific onshore oil and gas province, the Cooper/ Eromanga Basins in South Australia and Queensland. The company's focus is on 'brownfields' exploration where geological risk is reduced and there is access to existing infrastructure, ensuring that any discoveries can be brought into production. The company also has offshore exploration interests in the Gippsland Basin and in PNG as well as oil & gas production interests in Canada.
Drillsearch Energy Limited
Beach Energy Limited