Beach Energy Spuds the Maroochydore-1 Exploration Well in Queensland

Beach Energy Limited announced Tuesday the commencement of its financial year 2016 (FY16) operated drilling campaign, with the spud of the Maroochydore‐1 exploration well in ATP 924 (Beach farming in to a 45 percent interest with Drillsearch Energy Ltd) in Queensland, Australia.

Maroochydore‐1, located approximately 155 miles (250 kilometers) north‐east of Moomba, will target Jurassic oil in the Hutton Sandstone. The well is situated between the long‐producing Inland and Cook oil fields, with oil production from the Hutton Sandstone reservoir in the Cook Field now close to four million barrels. Maroochydore‐1 targets were identified on the Hurron 3D seismic survey, acquired in 2014.

Beach’s FY16 operated drilling program is expected to include up to 16 wells, comprising a mix of exploration, appraisal and development drilling. Following completion of Maroochydore‐1, a second Queensland well, the Thylungra‐2 oil appraisal well, will be drilled in PL 184. The Ensign 930 rig will then return to the Western Flank to undertake appraisal drilling in the Bauer Field (ex PEL 91) and exploration drilling in ex PEL 106. These activities will be undertaken during 2Q FY16.

Acting CEO, Neil Gibbins, said “We have carefully framed our FY16 budget to ensure a balance of exploration, appraisal and development drilling, which will continue to support production performance without ignoring exploration in this cash constrained environment. It is an exciting program and we look forward to reporting results as the year progresses.”


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