Beach Energy (ASX: BPT) has received support from the market today with a 6% jump to $1.14, in a response to the company announcing the monthly drilling report.
PEL 92 (Beach 75%)
The Ensign#30 rig drilled the Elliston-1 well, in which three metres of oil was intersected in excellent-quality reservoir at the top of the Namur sandstone.
Elliston-1 is located one kilometre east of Parsons and has been cased and suspended as a future oil producer.
The rig subsequently drilled Perlubie-2 which was plugged and abandoned after encountering an oil column deemed to be too small to be commercially viable.
Finally, the Germein-1 exploration well, located two kilometres south of the Butlers oilfield intersected small columns of oil at the top Namur and mid-Namur levels totalling three metres.
The well is being cased and suspended for future oil production into the Butlers facility.
PEL 91 (Beach 40%)
The Ensign#18 rig completed its campaign by drilling the Searcy-1 exploration well, which was plugged and abandoned after encountering only poor oil shows.
Ensign#18 has subsequently been released.
Santos Operated Cooper Basin Oil and Gas Development
Two gas development wells (Tindilpie-12 and Nephrite South-7) were drilled in the Greater Tindilpie Field area during the month (Beach 20.21%), with both wells cased and suspended as future Patchawarra Formation gas producers.
Gas development drilling is continuing as Nephrite South-9 drills ahead and Hackett-2 and Dilchee-4 are preparing to spud.
Beach Operated Cooper Basin Shale Gas Exploration – PEL 218
Testing at Holdfast-1 continued during the month.
Early in the month the well was shut-in and pressure build up data was collected. Holdfast-1 was reinstated to production towards the end of the month and a program of further production logging and gas testing undertaken before the well was again shut in.
The Joint Venture is presently incorporating this data into the design of proposed horizontal pilot wells that are to be drilled in mid 2012.
Arrangements to stimulate and flow-test Encounter-1 later this year continue.