Beach Petroleum Spuds Almonta-1 Well in Cooper Basin

Almonta-1 will target sandstones of the Namur and Hutton Sandstones in a robust structural closure about 15 meters updip and approximately 1 km west of the Tilparee-A1 well.

Tilparee-A1 was drilled in 1971 on the flank of the Almonta structure to test the gas potential of the Permian reservoirs that is present on the flanks of the structure.

Oil has been produced from several reservoirs at the Narcoonowie Field (8 km east) and oil discoveries last year at Ventura-1 and Mirage-1 (PEL-115) lie 6 km and 10 km to the southeast.

The well has a planned total depth of 2055 meters that is expected to be reached late next week.

Almonta-1 is being drilled by Beach Petroleum on behalf of the PEL 95 Joint Venture.

Participants in the Almonta-1 well are Magellan Petroleum as operator with 50% and Beach Petroleum with the remaining 50%.