1. Most Discussed
  2. Gainers & Losers

focus is on the cooper basin sa

  1. New oil strike in SA Cooper Basin
    26 July 2002
    Partners Beach Petroleum and Cooper Energy have struck oil in the first of four exploration wells being drilled by the joint venture over the next seven weeks in the Cooper Basin region of South Australia.

    Operator Beach reported late yesterday that the Sellicks-1 wildcat exploration well had flowed oil at a rate of 1780 barrels per day.

    The oil flowed through a half inch choke during an initial drill stem test today over a 13-metre interval between 2058 and 2071 metre depth in the Patchawarra Formation.

    The Sellicks-1 oil find follows the Acrasia-1 and Acrasia-2 oil discoveries (Beach 25% interest) made in recent weeks in a Cooper Basin joint venture with Stuart Petroleum.

    Excellent start

    "This is an excellent start to our current Cooper Basin drilling program," Beach Petroleum's Managing Director, Mr Reg Nelson, said today.

    "Beach will proceed with drilling and further testing to determine the commercial viability of the discovery," he said.

    "We believe that this is one of, if not the largest, oil flows ever achieved from the Patchawarra formation.

    "It is particularly pleasing that our primary target has produced such a strong oil flow which was accompanied by gas.

    "It also indicates a strong migration of oil through the western flanks of the Basin and we plan to explore this further through the back-to-back drilling of the remaining three wells in this program."

    All four of Beach's wildcat wells are being drilled within an 85-kilometre radius of the existing Moomba production facility.

    Beach has a 100% interest and is operator in Sellicks-1, which is being drilled in PEL 92 with a total depth target of 2,205 metres.

    Cooper Energy NL is earning a 25% in the well by contributing to the cost of drilling.

    Sellicks-1 will be followed by drilling of the Maslins-1, Aldinga-1 and Henley-1 exploration wells - with the last due for completion by mid-September.

DISCLAIMER:
Before making any financial decisions based on what you read, always consult an advisor or expert.

The HotCopper website is operated by Report Card Pty Ltd. Any information posted on the website has been prepared without taking into account your objectives, financial situation or needs and as such, you should before acting on the information or advice, consider the appropriateness of the information or advice in relation to your objectives, financial situation or needs. Please be aware that any information posted on this site should not be considered to be financial product advice.

From time to time comments aimed at manipulating other investors may appear on these forums. Posters may post overly optimistic or pessimistic comments on particular stocks, in an attempt to influence other investors. It is not possible for management to moderate all posts so some misleading and inaccurate posts may still appear on these forums. If you do have serious concerns with a post or posts you should report a Terms of Use Violation (TOU) on the link above. Unless specifically stated persons posting on this site are NOT investment advisors and do NOT hold the necessary licence, or have any formal training, to give investment advice.

Top