Beach Petroleum Limited (ASX:BPT)
Adelaide, July 9, 2009 AEST (ABN Newswire) - Beach Petroleum Limited (ASX:BPT)(PINK:BEPTF) drilling report for the week ending 8 July, 2009. Highlights of the week's activities include:
Beach Petroleum Operated Cooper / Eromanga Exploration (PEL 92)
Cheetima-1 (PEL 92, Beach 75%) has been plugged and abandoned after wireline logs confirmed the absence of commercial hydrocarbons in the well.
The Ensign 30 rig will be moved to the Willunga-1 location, also in PEL 92 and located 15 km north west of the Parsons oil field. Willunga-1 will evaluate prospectivity of the Birdsville Track Ridge area in the western part of the Licence. The well will be addressing potential mean recoverable oil reserves of 1.3mmb and a high side potential of 2.8mmb (recoverable).
Arrowie Basin (South Australia) - Paralana-2 Geothermal Exploration Well
The Paralana-2 geothermal exploration well is currently drilling ahead at a depth of 480 metres in the Maree Formation. Interests in Paralana-2 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 1ST1 Gas Exploration Well
Burnside-1 has been sidetracked due to mechanical issues. Burnside-1ST1 is drilling ahead at a depth of 2320 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---------------------------------Cheetima-1 BPT* 75.00%PEL 92 COE 25.00%Oil ExplorationC/E Basin, SA--------------------------------------------------------Weekly Progress & Summary Primary Targets--------------------------------------------------------Report Time: 0600 hrs (CST) 08/07/2009 Namur Sst,Depth: 1805m (TD) Poolowanna Fm(s)Operation: Well has been plugged and Birkhead Fm / abandoned. The Ensign 30 Hutton Sst (s) rig will be moved to the Willunga-1 location.Progress: 1708m---------------------------------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) 08/07/2009 Upper CannanaDepth: 480m or Bolla BollanaOperation: Drilling ahead in the Maree Formation.Progress: 291m----------------------------------Well Participants----------------------------------Burnside-1ST1 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, (WST) 08/07/2009 Lower CretaceousDepth: 2320m sandsOperation: Burnside-1 has been sidetracked due to mechanical issues. Burnside-1ST1 is drilling ahead.Progress: 616m----------------------------------Well Participants----------------------------------Cowralli-11 BPT 20.21%PPL 91 (PSW Block) STO* 66.60%Gas Development ORG 13.19%C/E Basin, SA-------------------------------------------------------Weekly Progress & Summary Primary Targets-------------------------------------------------------Report Time: 0600 hrs (CST) 08/07/2009 Patchawarra FmDepth: 2957mOperation: Drilling ahead in the Patchawarra Formation.Progress: 1384m---------------------------------Well Participants---------------------------------Theta-2 BPT 23.20%PL 241 (Total 66) STO* 60.06%Gas Development ORG 16.74%C/E Basin, QLD-------------------------------------------------------Weekly Progress & Summary Primary Targets-------------------------------------------------------Report Time: 0600 hrs (CST) 08/07/2009 Toolachee FmDepth: 2381m (TD) Epsilon FmOperation: Well has been cased and suspended as a Toolachee and Epsilon Formation gas producer.Progress: 1617m
* 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.
Contact
Hector Gordon
Chief Operating Officer
TEL: +61-8-8338-2833
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