Beach Petroleum, Cooper Energy Spy Oil Shows at Perlubie South-1

Cooper Energy

Cooper Energy reported that the Perlubie South-1 exploration well in PEL92 has encountered 5 meters of oil shows between 1,313 and 1,318 meters.

Perlubie South is located just to the south of the recently discovered Perlubie Oil Field. From mudlog oil shows the potential new oil field discovery appears to have a similar oil-water contact to the Perlubie Oil Field, which agrees with the pre-drill prediction.

The expected plan is that the well will drill through the secondary targets to total depth and then wireline logs will will be run early next week.

Pertinent details for the prospect are:

  • Primary target: Namur Sandstone
  • Primary target size: 520,000 barrels P50 undiscovered recoverable oil1 (100% JV)
  • Secondary targets: Birkhead Formation, Hutton Sandstone, Poolowanna Formation.
  • Well depth: 1,780 metres
  • Well cost: A$1.62 million (100% JV)
  • Nearest oil fields: Perlubie 1.1 km north.
  • Joint Venture: Beach Petroleum (75%), Cooper Energy (25%)

A further announcement will be made after the well has been evaluated by wireline logs.