Entek Energy Spuds Byrock-2

Entek Energy reports that the Byrock-2 exploration has been spud. The well is expected to take 10 days to drill and is located in ATP-269P in southwest Queensland, Australia.

BYROCK-2 will be drilled to approximately 2,060 mRT, with the primary objective being the Toolachee Formation and the secondary objective the Patchawarra Formation. This well is a follow-up to BYROCK-1 which recovered 14.5 barrels of oil on test from a five meter oil column in the Toolachee formation, before being plugged and abandoned in January 1986. At the time, the discovery was considered uncommercial; however current oil prices have changed the commerciality qualifications significantly.

In BYROCK-1, weak fluorescence was observed in the Patchawarra Formation.

Entek is earning equity in ATP-269P in a three-well staged drilling program. COOLUM-1, drilled in 2004 was the first of these wells. BYROCK-2 is the second earning well.

If BYROCK-2 is successful, Entek will earn 28.15% of production from the well (after deduction of royalty and operating costs). Beach Petroleum is the operator of the well.