Drillsearch Restarts Chiton Production
Drillsearch Energy reports that production at the Chiton Oil Field located in PEL 91 on the Western Flank Oil Fairway has recommenced, as receding floodwaters allow better access to the site. Production had been suspended since early February this year.
The Chiton Oil Field is the first commercial oil discovery in PEL 91 and is owned by Drillsearch (60%) and Beach Energy Ltd. (40% and operator). Chiton is significant project for Drillsearch and could potentially increase the Company's annual oil production by over 100% and contribute materially to cash flow in the near term.
Drillsearch would also like to announce that it has been advised by the operator, Beach Energy Ltd that operations continue on the rain affected extended production testing on the Canunda Wet Gas/Liquids Discovery in PEL 106B in the South Australian Western Cooper Basin. The Canunda Wet Gas/Liquids Discovery and PEL 106B is owned by DLS (50%) and BPT (50%) as operator.
- Beach Energy Makes $31M in Annual Savings Through Merger with Drillsearch (Apr 27)
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- Australia's Federal Court Approves Beach Energy-Drillsearch Energy Merger (Feb 18)