Marino-1 Partners Recover Oil Onshore Cooper Basin

Drillsearch has provided a drilling update for the Marino-1 well. Marino-1 reached a total depth of 1941m at 16:30hrs CST on Friday, August 28. Wireline logs were run on Saturday, August 29, and provided inconclusive results over the Birkhead zone that had exhibited oil shows while drilling. This is not an uncommon outcome for tight Birkhead reservoirs. A drillstem test (DST-1) was conducted late Sunday, August 30, over a six meter interval 1649-1655m within the Birkhead Formation.

Several barrels of oil (48.2 degrees API at 60 degrees F) were recovered from the drillpipe after a 3 hour flow period. The exact quantity of oil is currently being verified by tank dips. The significance of this oil recovery will be determined when the DST gauge data is evaluated at the surface. A decision on the forward plan for the well will be made by the joint venture later today after reviewing all of the available data.

Marino-1 is the second of a two-well program in PEL 91, following the Chiton-1 oil discovery. Drillsearch holds a 60% interest in PEL 91, the Marino-1 well and the Chiton-1 oil discovery. The well is being operated by Beach Petroleum (40%) using the Ensign Rig# 30.

Marino-1 is testing a second prospect in PEL 91 along the 'oil fairway' on the western flank of the Patchawarra Trough, approximately 9 kilometers north of Chiton-1. The Marino prospect is a robust structural trap matured for drilling with the benefit of data from the Modiolus 3D Seismic Survey. The primary objective for Marino-1 was the prolific Namur Sandstone which is the pay zone in the Chiton oil discovery. No shows were encountered within the Namur formation. Secondary objectives are within the Birkhead Formation that is productive immediately to the north in PEL104 and the Poolowanna Formation that is also productive in PEL 92 to the south.

Seismic mapping of the Birkhead horizon indicates that the Marino Structure has approximately 12 meters of vertical relief and an areal extent of about 10 square kilometers. Because of the highly variable nature of the Birkhead reservoir additional evaluation will be required to determine potential reserve volumes. The presence of oil in two different reservoirs in two wells so close together provides further evidence
hydrocarbon migration into the 'oil fairway' within PEL 91 and of the prospectivity and geologic complexity within the permit.

Working Interests in the Marino-1 well are:

  • Drillsearch Energy Limited 60%
  • Beach Petroleum Limited 40%