Ann: Wakefield 1 Well - Update PEL 218 , page-20

Beach set to spin Wakefield, Spikey Beach drill bit


Thursday, 3 September 2009

BEACH Petroleum is set to spud the Wakefield-1 exploration well next week, targeting up to 11 million barrels of recoverable oil in PEL 218 of the Cooper-Eromanga Basin.


The Ocean Patriot

Partner Adelaide Energy – which will be free carried in the well as part of the conditions of the PEL 218 farm-in agreement between it and Beach – said the well would target multiple zones to the top of the Permian section.

The Wakefield prospect is 7km west of the Burley-2 well, which recovered good oil shows but was not effectively tested due to mechanical failure.

The well will be drilled with the Ensign rig 30 to a depth of 2380m.

Once the well is drilled, Beach will hold a 23.33% interest in the post-Permian strata of PEL 218 while Adelaide will hold 10%. Other partners include Icon Energy (33.33%), Deka Resources (16.66%) and Well Traced (16.66%).

Meanwhile, the Ocean Patriot semi-submersible drilling rig is expected to be released to Beach for the drilling of Spikey Beach-1 in T/38P, offshore Bass Basin, later today.

Spikey Beach-1 is targeting mean recoverable oil of 16MMbbl and a high side of 41MMbbl in the Upper Eastern View Group and is expected to be spudded early next week, depending on weather conditions.

Beach holds an 80% interest in a defined farm-out area of T/38P in return for paying the cost of drilling Spikey Beach-1. Cue holds a 10% interest in the farm-out area and a 50% interest in the remainder of T/38P.

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