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..."1 June 2007
FOR IMMEDIATE RELEASE
NEW DISCOVERIES EXTEND BEACH PETROLEUM’S BODALLA
SOUTH OILFIELD
Beach Petroleum Limited (ASX “BPT”) has concluded a successful two-well
appraisal drilling program at the Bodalla South Oilfield (100% Beach) with two
substantial oil flows.
Initial clean-up flow rates (free-flow) from the two completed wells were
measured at 230 barrels of oil per day (1/2” choke) from Bodalla South-16 and
4,617 barrels of oil per day (through 5cm flow-line) from Bodalla South-17.
Two new appraisal wells drilled on its Bodalla South field have:
• Added an estimated incremental oil reserve of 250,000 barrels to the field
• Opened the northern portion of the field to further drilling, and
• Commercial production from the wells would be underway in a month.
“The discovery and production gains being achieved at Bodalla underpin the
success of our decision four years ago to adopt a new exploration and
development approach for Bodalla,” Beach Petroleum’s Managing Director, Mr
Reg Nelson said today.
“The approach was specifically designed to use modern day petroleum 3D seismic
technology coupled with more intensive drilling to maximise the untapped
revenue and volume yields of these established fields,” Mr Nelson said.
“Significantly - when added to our interests elsewhere in the basin including in
the Santos-led Cooper Oil program - these successful Bodalla South results mean
Beach is now benefiting on two fronts from strategies implemented to increase
production from long-established Australian oil fields.
“The combined track record success of this approach in two adjoining petroleum
provinces gives us a very high level of confidence of further extractive upside for
some years in both Bodalla and the nearby Kenmore fields – all wholly owned by Beach"...!!!!!!!!!!!