Beach Energy Limited announces monthly drilling report - October 2012
Wednesday, Nov 07, 2012

The ten-stage stimulation of Moonta-1 in PEL-218 (Beach 100%) is underway, with five of the stages completed at the time of reporting. Nine of the planned stages target the basin-centred gas play within the Patchawarra Formation and the upper most stage will address the Murteree Shale. The stimulation program in Moonta-1 will be followed by a similar program in Streaky-1 in the second half of November. Flow testing of Moonta-1 is expected to commence in mid-November and continue for several weeks. The remaining Permian targets are planned to be assessed in subsequent stimulation and flow testing activities in the new year.

Two vertical exploration wells are currently drilling within PEL-218 (Beach 100%). Marble-1, the fifth vertical exploration well in PEL 218 (Beach 100%), is preparing to drill ahead, have set intermediate casing in the lower Nappamerri Formation. This well is expected to reach total depth in early December. A second well, Boston-1, spudded in early November, will further evaluate the shale and basin-centred gas potential in the REM and Patchawarra Formation in the southern portion of the permit. A third well, Gaschnitz-1 was spudded by the Cooper Basin JV (see below).

In ATP 855P (Beach 60%), drilling of the Halifax-1 vertical exploration well was completed to a total depth of 4,267 metres. Halifax-1 is located approximately 12 kilometres northeast of Encounter-1 in the Queensland portion of the Nappamerri Trough. Subject to approvals Beach is planning to stimulate Halifax-1 once activities have been completed at Moonta-1 and Streaky-1 (both PEL-218). Operated Cooper-Eromanga Oil – Western Flank Two oil exploration wells were drilled in PEL-92 (Beach 75%) during the month. Windmill-1 discovered a six metre oil column within excellent quality Namur Sandstone. In addition, a drill stem test within the Birkhead Formation recovered oil and water. The Windmill-1 well is located approximately 3.5 kilometres south-east of the Callawonga oil production facility, to which it is expected to be tied.

The second well of the month was Tinah-1, which was drilled about 8 kilometres north of Callawonga. Tinah-1 was plugged and abandoned after failing to encounter oil.

The oil drilling program has since moved northward to PEL-91 (Beach 40%) to drill two wells designed to firm up reserve estimates for the northern portion of the Bauer oil field. The first of these, Bauer North-1, is located approximately 3.4 kilometres north of Bauer-1 and about 2.2 kilometres north of the nearest well, Bauer-8. The well intersected a 7 metre oil column with approximately 3 metres of net oil pay at the top of the Namur Sandstone and is being cased as a future oil producer. An update of the Bauer reserves will be provided following the next well, Bauer-9. Senex Operated Cooper-Eromanga Oil – Western Flank

Drilling has continued on the Snatcher oil field in PEL-111 (Beach 40%).

The Snatcher-8 deviated development well intersected the Mid-Birkhead reservoir 240 metres west of Snatcher-1 and 230 metres south of Snatcher-7 to optimise drainage of the reservoir in the southern portion of the field. This well intersected an 18 metre oil column (14 metres of interpreted oil pay) and has been cased and suspended for future production.

Source: Beach Energy Limited

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