Drillsearch Reports Success in Drilling Campaign at PEL 91 in Cooper Basin

Drillsearch Energy Limited reported Tuesday a success from the first of five wells being drilled in a new campaign in petroleum exploration permit (PEL) 91, one of two programs currently being conducted within the Company’s acreage in the Cooper Basin, Australia.

The Chiton-3 well is located 1,968 feet (600 meters) north of Chiton-2 in PEL 91 and was drilled to appraise the northern extent of the Chiton field. The well is one of five being drilled by the PEL 91 Joint Venture during the current campaign, which includes two appraisal wells, one development well and two exploration wells. Drillsearch owns 60 percent of PEL 91, with operator Beach Energy Limited owning the remaining 40 percent.

Chiton-3 encountered 11.4 feet (3.5 meters) of oil within the Namur Sandstone and a further 9.8 feet (3 meters) within the McKinlay Member. It will now be cased and suspended as a future producer.

PEL 91 is located in the heart of the prolific Western Flank Oil Fairway in the South Australian section of the Cooper Basin and includes the producing Bauer and Chiton fields. This latest campaign builds on the recent success of the Bauer-11 and Chiton-2 wells and is in line with Drillsearch’s strategy of pursuing strong growth in reserves, production and cashflow. Bauer-11 and Chiton-2 are two of 22 wells across PEL 91 that have been cased and suspended as future producers.

The five locations being drilled by the PEL 91 Joint Venture have all been mapped using the Modiolus and Aquillus 3D Seismic Surveys. The wells have primary targets within the McKinlay Member and Namur Sandstone, both proven oil plays within the Western Flank Oil Fairway, as well as secondary targets in the Birkhead Formation.

The Bauer-12 well will be drilled as a vertical appraisal well, 1,837 feet (560 meters) west of Bauer-8, to appraise the north western flank of the Bauer structure. Bauer-13 will be drilled as a vertical development well, 1,738 feet (530 meters) east of Bauer-3, testing the south eastern flank.

Initial Positive Results from Tintaburra Program

The campaign in PEL 91 is running in parallel with a separate five-well drilling campaign being undertaken in the Tintaburra block with Joint Venture partner, Santos Limited.


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