Drillsearch Energy (ASX: DLS) has produced better than expected results of 12,000 barrels condensate and 63 million cubic standard feet raw gas at the company’s joint venture Canundra – 1 Condensate/Wet Gas Discovery with Beach Energy (ASX: BPT), located in the Cooper Eromanga Basin.
The better than expected results have come from extended production testing at the site where on average the Canundra – 1 well produced four million cubic standard feet gas with 800 barrels of oil per day of condensate at a lower choke.
Drillsearch said at the higher choke, the site produced six million cubic standard feet gas and 1,100 barrels of oil per day of condensate.
Brad Lingo, managing director, said “We are now considering the further development of and commercialisation options for the project.”
The company has a 50% stake in the project and Beach as project operator holds the remaining 50% interest.
The tenement covers 504 square kilometres and is located within 10 kilometres of a gas pipeline.
The Cooper Eromanga Basins traverse the border of South Australia and Queensland, with the production acreage the most prolific onshore oil and gas province in Australia.