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Bauer Field 2P Reserves Up On Drilling Success at Bauer-12 Well in PEL 91

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Beach Energy Ltd. disclosed Friday that the Bauer oil field in PEL 91 (Beach 40 percent and operator, Drillsearch Energy Ltd. 60 percent) in South Australia's Cooper Basin has increased in size following the drilling of the Bauer-12 appraisal well.

Bauer-12 was an aggressive step out well, intended to address potential in the McKinlay Member and the prolific Namur Sandstone. The well intersected the primary Namur Sandstone target 9.8 feet (3 meters) high to prognosis, with 16.4 feet (5 meters) of net oil pay. An additional four metre oil bearing interval was also intersected in the overlying McKinlay Member.

These results have extended the areal extent of the field, with preliminary mapping adding 2.5 million barrels to the 2P reserves of Bauer. As a result, Bauer-12 will be cased and suspended as a future oil producer.

Bauer is the largest field on the Western Flank of the Cooper Basin and is producing from 8 wells in both the McKinlay and Namur reservoirs, with 3 further wells yet to come on line.

Production from Bauer is currently in excess of 13,000 barrels per day (gross). With the flowline from Bauer to Lycium having a capacity of up to 10,500 barrels of oil per day (bopd), there are currently around 7 trucks operational to ensure all production is delivered to the Moomba facility.

Reg Nelson, Beach managing director, said “The Bauer oil field is one of the great discoveries that Beach has made, with the field producing above expectations for some time now. Beach has an active forward drilling program in this part of the basin, with a further 9 wells in our operated permits expected to be drilled prior to June 30.”

“For over 10 years we have been successful with exploration and development of our oil business on the Western Flank. With 3D seismic covering a significant portion of the region, and a number of prospects and leads from this seismic, we anticipate success to continue for many years to come.”

Following the completion of the evaluation program, the Ensign 930 rig will be moved to the Bauer-13 development well, which is located approximately 0.87 miles (1.4 kilometers) to the south east of Bauer-12.

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