Beach Petroleum to Spud Spikey Beach-1 in Bass Basin

Beach Petroleum, the operator for a designated area of interest within permit T/38P, and the Spikey Beach-1 well, noted that the Ocean Patriot semisubmersible drilling rig is expected to be released to Beach for the drilling of the Spikey Beach-1 exploration well in T/38P, in the Bass Basin offshore Tasmania later today.

Beach is the operator for the well and will be earning 80% in the Spikey Beach farm-out blocks through the drilling of the well. Spikey Beach-1 will be targeting mean recoverable oil of 16 million barrels and a high side of 41 million barrels (recoverable) of oil in the Upper Eastern View Group. The well is expected to spud early next week, dependent upon weather conditions.

The participants in Spikey Beach-1 well are:

  • Beach Petroleum Limited (operator) 80%
  • Galveston Mining (100% Cue Energy Resources Subsidiary) 10%
  • Exoil Ltd 10%