Beach Spuds Reg Sprigg West-1 Well

Beach Petroleum reports that the Reg Sprigg West-1 exploration well in the South Australian Cooper Basin was spud over the weekend.

Reg Sprigg West-1 is being drilled to evaluate an oil prospect located approximately 1.5 kms to the west of the Reg Sprigg Oil Field, operated by Santos Ltd.

The Reg Sprigg West Prospect straddles the boundary between PEL 90 (Candra Block) and PPL 194 (Reg Sprigg). An agreement has been made between the Candra Block and PPL 194 Joint Venture participants to share the cost of and production from Reg Sprigg West-1 as follows: Santos Group 25.0142%; Delhi Petroleum 12.8572%; Origin Energy Resources 7.902%; Novus Australia Resources 2.2266%; Stuart Petroleum 18.75%; and Beach Petroleum 6.25%.

Primary targets in Reg Sprigg West-1 are the Paning and Tinchoo Formations. The well has an expected total depth of 2425 meters and is expected to take approximately 14 days to drill and evaluate.