Drillsearch Cases and Suspends Chiton-1 as Future Oil Producer

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Chiton-1 has been cased and suspended as a future Namur Sandstone oil producer. The Ensign 30 rig was released from Chiton-1 at 14:00hrs CST yesterday and is now being moved to the Marino-1 well location, 9.5 kilometers north of the Chiton field.

Marino-1 is expected to spud on or about Saturday, August 22. The well will be addressing mean recoverable oil reserves of 2.0mmbl and a P10 or high side potential of 4.4mmbl (recoverable).

Participants in Chiton-1, Marino-1 and the PEL 91 exploration license are Beach Petroleum Ltd, 40% and Drillsearch Energy Ltd, 60%.


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