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Drillsearch Energy announces new oil discovery

ADELAIDE, AUSTRALIA - Drillsearch Energy Limited announced that a new Birkhead oil discovery has been made at the Bauer-5 appraisal/development well location in PEL 91, South Australia.

Bauer-5 encountered a 5 m net oil pay column in good quality Birkhead formation in stratigraphically trapped sands. The interval was drill stem tested, with 48.3°API oil coming to surface after 28 minutes at a rate of about 1,160 bpd, with no water production. As was indicated in the July 12, 2012 ASX announcement, the Birkhead Formation was a secondary target of the appraisal/development drilling program to test Birkhead oil shows seen in the Bauer-1 discovery well.

Due to the stratigraphic nature of Birkhead accumulations, it will be difficult to estimate the additional mean recoverable barrels from Bauer-5. However, it is likely that the well will have a material impact to the field in terms of 2P reserves.

Bauer-5 also confirmed the north eastern extension of the field intersecting 6 m of high quality Namur oil pay. The well intersected the primary target Namur pay zone, 1 m high to prognosis, in excellent quality reservoir. This result confirms the extension of the mapped Namur accumulation to the north east of the Bauer oil field. Flowrates from the Namur reservoir are expected to be in line with those of previously completed wells.

Drillsearch Managing Director, Brad Lingo said "This is a great result and is likely to have a material impact on the Bauer Oil Field Reserves. Not only has Bauer-5 confirmed the north eastern extension of the quality Namur oil play but it has also encountered significant good quality Birkhead pay."

The well is to be cased and suspended as a future oil producer. As a result of the Birkhead discovery the next two development wells in the area, Bauer-6 and 7 will be deepened to further evaluate the Birkhead’s aerial extent in this sector of the Bauer Field.

Following the completion of the evaluation program, the Ensign 930 rig will be moved to the Bauer-7 development well, which is located approximately 0.5 km to the south of Bauer-5.

07/23/2012

 

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