NEWS - success @ Semptember 1News out:
ASX Ltd Companies Announcement Office Electronic Lodgement System
WESTERN FLANK OIL EXPLORATION SUCCESS AT SEPTEMBER1
Beach Energy Ltd (ASX: BPT, “Beach”) is pleased to advise of a Western Flank oil discovery within the Poolowanna Formation in ex PEL 91 (Beach 100%).
September1 targeted oil in a structural closure within the Namur Sandstone and tested the McKinlay Member, Birkhead Formation and Poolowanna Formation as secondary targets. The well intersected an eight metre gross interval with oil shows within the Poolowanna Formation. A drill stem test was undertaken over the interval 1,927.8 metres to 1,936.0 metres and recovered 15.2 barrels of approximately 42 degree API oil from the drill string over a 1.5 hour flow period.
The flow rate was calculated to be 210 barrels of oil per day. September1 has been cased and suspended as a future oil producer. This discovery validates the Poolowanna Formation as an additional exploration target within the ex PEL 91 permit area. Review of results is currently underway and further production testing is planned to confirm the resource size.
Further mapping of the Poolowanna oil play will be undertaken through FY17, with potential appraisal and near field exploration activities in FY18. Beach’s CEO, Matt Kay, said “Beach has achieved two oil discoveries from the first two exploration wells of its FY17 operated drilling campaign.
Importantly, discovery of oil in the Birkhead Formation at Kangaroo1 and in the Poolowanna Formation at September1 has proven additional play potential within PEL 91. This reinforces our confidence in the ongoing prospectivity of our Western Flank acreage.”
Yours sincerely,
Matt Kay Chief Executive Officer