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Drillsearch Energy announces Western Wet Gas fairway Haslam-1 exploration well spuds

Wednesday, Mar 21, 2012

Drillsearch Energy Limited (ASX: DLS) is pleased to announce that after the success of Coolawang-1 that Haslam-1 the fourth well in the program has spudded on Tuesday 20 March at 13:00hrs. Drillsearch holds a 50% interest in PEL 106B and Beach Energy (ASX: BPT) as Operator holds 50%.

The Haslam-1 wet gas exploration well is located approximately 4.6km south, south-west of the Middleton-1 Wet Gas Field and its primary target are structural-stratigraphic traps in the Patchawarra Formation in close proximity to existing PEL 106B wet gas discoveries. The Toolachee Formation and Tirrawarra Sandstone are considered secondary targets for wet gas. Drilling will be to a total depth of 2,828mRT and it is expected that the drilling will take 14-18 days.

The location of Haslam-1 was selected by using the Spinel 3D seismic survey data acquired in 2007 and Haslam-1 is estimated to have P10 High-side Gross Recoverable Prospective Resource potential of up to 19.6 BCF sales gas and associated hydrocarbon liquids. Details of the Haslam Prospect are set out in the attached Prospect Data Sheet and accompanying maps.

In PEL 106 and within the Patchawarra section and confined within shales, coals up to 9m thick have been intersected. The Joint Venture has agreed to cut up to 30 metres of core in the Haslam-1 well in order to target potential unconventional reservoir sequences. Once recovered, these cores will be desorption tested and analysed for overall gas contents to assess the prospectivity of these intervals as potential unconventional reservoir targets.

Haslam-1 will be drilled as a conventional vertical well with wireline logging and possible testing planned after the well reaches total depth. The primary target zone in the Patchawarra Formation is expected to be penetrated ten days after spud.

Source: Drillsearch Energy

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