Beach Energy has discovered two new oil fields at Bauer-1 well in the Western Flank, where one is the third in a five well exploration program at the PEL 91, and the other is the last well in the preliminary 11-well program in the PEL 92 at Rincon-1.
The beginning of the FY12 Joint Venture permitted the exploration and development campaign for nine wells, saving the PEL 92 well that will be done following this campaign.
The Bauer-1 well has obtained 15 m of gross oil column, along with 13 m of net pay in well’s McKinlay/Namur Sandstone part. Primary volumetric evaluation shows that the discovery potential might be recoverable oil in the order of two million barrels.
After the appraisal program is completed, the Ensign#18 drill rig will be mobilized to the Searcy-1 drilling well. This well is situated around 8.5 km to Bauer-1’s north-east direction. It is anticipated that Bauer-1 well will be on-line in the Q4, 2011.
The Rincon-1 well has obtained 5 m of gross oil column, along with 4.5 m of net pay at well’s McKinlay/Namur Sandstone part. The primary volumetric appraisal of Beach Energy recommends up to 500000 recoverable oil barrels.
After the estimation campaign is over, the Ensign#30 drill rig will be relocated to the Elliston-1 drilling well. The location of this well is about 25 km to the southern side of the Rincon-1 well. At present, the company is assessing options to bring Rincon-1 on-line.
Beach Energy is the operator of both the Bauer-1 and Rincon-1 well. It holds 40% in Bauer-1 well and 75% in Rincon-1 well.