Santos Finds Wet Gas at Yarowinnie South-1 Well in PEL 513 in Cooper Basin

Drillsearch Energy Limited provided Friday the following business update on permits PEL 513 and ATP 940 in Australia.

Wet Gas Business

Drillsearch is pleased to announce the second wet gas discovery made by its PEL 513 joint venture with Santos Limited (Drillsearch 40 percent, Santos 60 percent and Operator).

The Yarowinnie South-1 well was drilled to a total depth of 10,308 feet (3,142 meters) as an exploration well, southwest of the Varanus South-1 discovery announced last month. Drillsearch’s preliminary interpretation of wireline logs has confirmed an aggregate best estimate of almost 49 feet (15 meters) of net gas pay over several intervals in the Patchawarra Formation totalling a gross Patchawarra interval of 1,345 feet (410 meters). The well has been cased and suspended as a future producer.

Year-to-date, Drillsearch has drilled 20 exploration, appraisal and development wells as part of its FY2015 work program, with Yarowinnie South-1 the 15th successful well in the campaign and the fifth new oil or wet gas discovery for the year.

In addition, the company notes the announcement made by Senex Energy Limited Dec. 11 regarding the successful production test of the Vanessa-1 wet gas discovery in PEL 182 (Senex 57 percent and Operator, Drillsearch 43 percent).

During the test, gas flowed to surface at an average rate of 5.0 million standard cubic feet per day (MMscf/d) from the Epsilon and Toolachee formations on a 65 percent choke (42/64ths inch). Condensate was also produced at a rate of 15 barrels per MMscf/d.

The joint venture plans to bring the well online and then consider further appraisal and development opportunities.


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