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Oil Production at PEL 91 Hits Record High

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Drillsearch Energy Limited reported that Beach Energy Limited as Operator of the PEL 91 Joint Venture has advised that production has increased to a record 10,000 bopd (6,000 bopd net to Drillsearch), since the commissioning of the Bauer-to-Lycium export pipeline. For the week June 17, gross daily production and export from PEL 91 averaged 10,300 bopd (6,180 bopd net to Drillsearch).

The pipeline was commissioned in late April 2013 with production into the pipeline commencing shortly thereafter and is now operating at its nameplate capacity confirming deliverability of new production. At the time of its commissioning, Drillsearch’s net oil production from the PEL 91 Joint Venture was approximately 3,200 bopd.

Managing Director, Brad Lingo stated, “This increase in production is a significant event for Drillsearch and confirms deliverability by the Company as it transitions into becoming a significant oil producer in the Cooper Basin. At the current production rate, the Company is on track to confirm its oil production exit forecast to June 30. This positions  Drillsearch to deliver strong production and revenue growth well into FY 2014 and beyond.”

The PEL 91 Joint Venture is comprised of Drillsearch (60 percent) and Beach Energy as Operator (40 percent).

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