Beach Energy's Elliston-2 development well in Cooper basin permit PPL 249 disappoints

7/30/2014

Beach Energy's Elliston-2 development well in Cooper basin permit PPL 249 disappoints

ADELAIDE -- Cooper Energy Limited reports that Elliston-2, located in PPL 249 on the western flank of the Cooper Basin, South Australia, has been plugged and abandoned after reaching a total depth of 1,660 m. The well encountered 1 m of oil pay in the primary target Namur Sandstone, which was considered non-commercial to complete as an oil producer.

Cooper Energy Exploration Manager Mr Andrew Thomas said “Elliston-2 penetrated the top of the Namur Sandstone reservoir two metres deeper than the pre-drill depth prognosis. However, the oil-water-contact in Elliston-2 was encountered at the same depth as in Elliston-1 which has been on production since December 2012. This indicates that Elliston-1 is accessing oil from a different part of the field than previously thought.”

The Joint Venture is reprocessing the 3D seismic data over the Elliston field and surrounding areas to gain a clearer understanding of the sub-surface structure before evaluating future development opportunities.

Cooper Energy holds a 25% interest in PPL 249 with the balance held by the Operator, Beach Energy.

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