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Drillsearch energy announces Bauer 9 confirms further extension of Bauer oil field

Drillsearch Energy is pleased to announce that the Bauer 9 development well has proven northwest extension of the Bauer Oil Field. Bauer 9 is to be cased and suspended as a future oil producer after encountering net oil pay in both the McKinlay and Namur sandstones. Bauer 9 was drilled by the PEL 91 joint venture which consists of Drillsearch 60% and Beach Energy as operator 40%.

The Bauer 9 well has confirmed the extension of the field further north, intersecting a total of 10.7 metres of net oil pay 3.7 metres of net oil pay in the McKinlay formation and a further 7 metres in the Namur Sandstones over a 14 metre gross interval. Oil shows in the secondary target Birkhead formation were also encountered in Bauer 9 over a 11 metre interval but the well location appears to have been suboptimal for intersecting the Birkhead interval at this location.

The Bauer 9 well is located 800 metres north west from the successful Bauer 8 development well, 1.6 km south west of the Bauer North Oil discovery well and 2.8km west, south west of the Basham 1 oil discovery well . Following the success of the Bauer North Oil Discovery, one of the key objectives of the Bauer 9 well was also to appraise the potential for the Bauer and Bauer North fields to be part of a common oil pool. The Bauer 9 result adds additional support that the Bauer and Bauer North are part of a common larger oil pool.

Drillsearch Managing Director, Brad Lingo said, "The FY 2013 appraisal and development drilling program in PEL 91 has been a tremendous success for the Company. Not only has this drilling program proven the Bauer Oil Field is much larger than originally expected, it has clearly demonstrated the field may extend as far north as the Bauer north oil discovery . This success and the success of the Bauer north oil discovery will significantly contribute to a further uplift in the company’s oil Reserves."

11/20/2012

 

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