Beach Energy Finds Oil at Stanleys-1 Well in PRL 171 in SA's Cooper Basin

Beach Energy Ltd. reported Tuesday a new Birkhead Formation oil discovery at Stanleys‐1 in PRL 171 (Beach 40 percent and operator, Drillsearch 60 percent) in South Australia's Cooper Basin and provides initial results from the first development well of the second Bauer Field pad drilling campaign.

Stanleys‐1

Located in PRL 171 (within the former PEL 91) on the Western Flank, the Stanleys‐1 exploration well is located 2.4 miles (3.9 kilometers) north‐east of the Balgowan‐1 oil discovery and 2.1 miles (3.5 kilometers) south‐west of the Spitfire Field.

Stanleys‐1 reached total depth March 5 with strong oil shows encountered through the Birkhead Formation. Wireline logs indicated a 22.9 foot (7 meter) gross reservoir interval corresponding to the strong oil shows. A drill stem test over an interval from 5,620 feet (1,713 meters) to 5,656 feet or 1,724 meters (measured depth) recovered 23 barrels of oil over 117 minutes at a calculated rate of 280 barrels of oil per day. Consequently, Stanleys‐1 will be cased and suspended as a future oil producer.

Once the well is cased and suspended, the Ensign 930 rig will move from Stanleys‐1 to Longbottoms‐1, the next oil exploration well in the former PEL 91 permit.

Bauer‐23

The second four‐well pad drilling campaign commenced in the north of the Bauer Field in February, targeting the highly productive Namur Sandstone reservoir and overlying McKinlay Member. Top hole batch drilling at Bauer‐20, ‐21 and ‐22 was completed in February, with Bauer‐23 subsequently drilled to total depth.

Real‐time logging while drilling data from Bauer‐23 indicated the target top Namur Sandstone was intersected approximately 9.8 feet (3meters) high to prognosis, with a preliminary estimate of 19.6 feet (6 meters) of net oil pay and an additional 13.1 foot (4 meter) oil bearing gross interval of overlying McKinlay Member. The well will be cased and suspended as a future producer.