Beach Petroleum Limited's (ASX:BPT)
Adelaide, June 25, 2009 AEST (ABN Newswire) - Beach Petroleum Limited's (ASX:BPT)(PINK:BEPTF) drilling report for the week ending 24 June, 2009. Highlights of the week's activities include:
Beach Petroleum Operated Cooper / Eromanga Exploration
Butlers-1, the third well of a planned six well oil exploration program in PEL 92 is to be cased and suspended after intersecting a 4.5 metre oil column in high quality reservoir at the top of the Namur Sandstone. Butlers-1 is the second successive oil discovery in the current drilling campaign. Following completion of drilling operations at Butlers-1, the Ensign 30 rig is to be moved to the Cheetima-1 location, 4.7 km northwest of the Parsons oil field. The Cheetima prospect has potential mean recoverable oil reserves of 1.2mmb and a high side potential of 2.6mmb (recoverable). Interests in the six well program are Beach Petroleum Ltd (75%) and Cooper Energy Ltd (25%).
Arrowie Basin (South Australia) - Paralana-2 Geothermal Exploration Well
Rigging-up operations are nearing completion and inspections and certification of the Weatherford Lightning Rig 828 are being undertaken. Interests in the Paralana-2 well are tenement Operator Petratherm (69%), well Operator Beach Petroleum Ltd (earning 21%) and TRUenergy (earning 10%). The equities indicated for Beach and TRUenergy are after completion of farmin obligations, which include participation in the drilling of Paralana-2 plus a follow-up well.
Browse Basin, Offshore Western Australia - Burnside 1 Gas Exploration Well
Burnside 1 is drilling ahead at a depth of 1741 metres towards a prognosed total depth of 4200 metres. Interests in Burnside-1 are Santos Offshore Pty Ltd (Operator, 47.83%), Beach Petroleum Ltd (7.34%), INPEX Browse Ltd (20%) and Chevron Australia P/L (24.83%).
-------------------------------Well Participants-------------------------------Butlers-1 BPT* 75.00% PEL 92 COE 25.00% Oil Exploration C/E Basin, SA ------------------------------------------------------------Weekly Progress & Summary Primary Targets------------------------------------------------------------Report Time: 0900 hrs (CST) 24/06/2009 Namur Sst,Depth: 1781m (TD) Poolowanna Fm.Operation: Well is to be cased and Birkhead Fm(s) suspended as a future Namur Hutton Sst (s) Sandstone oil producer.Progress: 1781m-------------------------------Well Participants-------------------------------Paralana-2 BPT* 21.00% GEL 178 PTR 69.00% Geothermal Expln TRU 10.00% Arrowie Basin, SA -------------------------------------------------------------Weekly Progress & Summary Primary Targets-------------------------------------------------------------Report Time: 0600 hrs (CST) 24/06/2009 Upper CannanaDepth: 0m or Bolla BollanaOperation: Inspection and cerification of newly built Weatherford rig.Progress: 0m-------------------------------Well Participants-------------------------------Burnside-1 BPT 7.34% WA 281P (offshore) STO* 47.83% Gas Exploration IBL 20.00% Browse Basin, WA CVX 24.83% -------------------------------------------------------Weekly Progress & Summary Primary Targets-------------------------------------------------------Report Time: 0600 hrs, 24/06/09 Lower CretaceousDepth: 1741m sandsOperation: Drilling ahead in the Johnson Formation.Progress: 1455m-------------------------------Well Participants-------------------------------Cowralli-13 BPT 20.21% PPL 91 STO* 66.60% Gas Development ORG 13.19% C/E Basin, SA -----------------------------------------------------------Weekly Progress & Summary Primary Targets-----------------------------------------------------------Report Time: 0600 hrs (CST) 24 /06/2009 Patchawarra FmDepth: 3228m (TD)Operation: Well is cased and suspended as a future Patchawarra Formation gas producer.Progress: 0m-------------------------------Well Participants-------------------------------Theta-2 BPT 23.20% SW Qld Gas STO* 60.06% Gas Development ORG 16.74% C/E Basin, QLD ------------------------------------------------------------Weekly Progress & Summary Primary Targets------------------------------------------------------------Report Time: 0600 hrs (CST) 24/06/2009 Toolachee FmDepth: 764m Tirrawarra Sst(s)Operation: Running in hole with surface casing.Progress: 764m
* Operator
(s) Secondary Targets
ASX:BPT Beach Petroleum Ltd
ASX:PTR Petratherm Ltd
ASX:COE Cooper Energy
ASX:STO Santos Limited
ASX:ORG Origin Energy Resources Ltd
CVX Chevron Australia Pty Ltd
TRU TRUenergy Pty Ltd
IBL INPEX Browse Ltd (Tokyo Stock Exchange)
Contact
Hector Gordon
Chief Operating Officer
Beach Petroleum Ltd
Tel: +61-8-8338-2833
Fax: +61-8-8338-2336
www.beachpetroleum.com.au
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