Beach Energy and Drillsearch Energy have struck oil in the onshore Pennington-1 exploration well, sited on the western flank of the Cooper Basin.
Drillsearch said in a statement Friday that the well had drilled through the primary objective McKinlay Namur reservoir section, with mudlog interpretations indicating 39 feet (12 meters) of fair to good oil shows and elevated gas levels.
In addition, the secondary objective Birkhead Formation reservoir sands encountered 59 feet (18 meters) of fair to good oil shows and elevated gas levels.
The final objective, sands of the Poolawanna Formation, is expected to be penetrated in the next 24 hours, Drillseach noted.
Drillsearch added that the well is expected to reach total depth over the weekend, and that the operator will run wireline logs and potentially drill stem tests to confirm that hydrocarbons are present in the primary McKinlay and Namur and secondary Birkhead and Poolawanna target zones.
The well lies in PEL 91, a permit located in an oil fairway on the Western Flank of the Patchawarra Trough. A number of recent oil discoveries were made in blocks adjacent to PEL 91.
Beach is the operator of PEL 91, with a 40 percent stake. Drillsearch holds the remaining 60 percent interest.
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