Beach Energy announces oil discovery at Pennington-1 in the Cooper Basin

12/3/2012

Beach Energy announces oil discovery at Pennington-1 in the Cooper Basin

ADELAIDE -- Beach Energy has announced a new field oil discovery, with multiple oil columns encountered in the Cooper basin's McKinlay, Namur and mid-Namur sandstones and oil shows in the Birkhead formation in Pennington-1 in PEL 91. The pre-drill upside gross estimate have been exceeded and appear to be in excess of  2 MMboe of recoverable oil, which is supported by wireline log data.

The Pennington-1 exploration well, is located 9 km due east of the Bauer oilfield, in PEL 91 (Beach 40% and operator, Drillsearch Energy 60%). This was a deviated well and encountered a gross oil column of 5 m in the McKinlay Sandstone, contiguous with a net oil column of 8 m in the Namur Sandstone and a separate 6 m net oil column in the mid Namur Sandstone. Oil shows in the deeper Birkhead Formation require further evaluation to determine the presence of moveable oil in this section, which appears to be 7 m thick.

Data gathered from wireline logs indicates that the upside pre-drill estimates will be exceeded and are likely to be in excess of 2 MMboe of recoverable oil. As mentioned above, the Birkhead shows will be further evaluated at a later date for fluid content, productivity and volumes via drill stem testing. The well will be cased and suspended as a future oil producer.

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