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New oil discovery on the Western Flank

SYDNEY -- Drillsearch Energy has provided the attached statement from the operator, Beach Energy, in relation to the results of the Stunsail-1 exploration well in PEL 91 on the Western Flank Oil Fairway.

Drillsearch Energy holds 60% of PEL 91, with Beach holding 40% as operator.

Drillsearch Energy MD Brad Lingo said:"As the twelfth discovery in PEL 91, Stunsail-1 represents another great result for the PEL 91 JV following the recent successes of Bauer-12, Bauer-13 and Chiton-3.

"The results of the well reinforce our view of the overall prospectivity of PEL 91 across multiple pay intervals in the McKinlay, Namur and Birkhead Formations, while the location in the hitherto underexplored northeastern section of the permit may help to open up a new area of PEL 91 for exploration and production.

"The PEL 91 JV continues to pursue an active drilling campaign within the permit which, combined with the tie-in of existing discoveries, is expected to drive strong production performance from the permit well into the future, consistent with Drillsearch Energy’s strategy of pursuing growth in reserves, production and cash flow."

Drillsearch Energy plans to release a further statement to the ASX following interpretation of the second drill stem test results on Stunsail-1, including estimated volumetrics.

04/03/2014

 

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