Drillsearch-Beach JV finds more oil in Eromanga basin

A Drillsearch Energy Ltd.-operated joint venture with Beach Energy Ltd. has encountered multiple oil zones in its Pennington-1 wildcat in the Eromanga basin of South Australian permit PEL91.

Pennington-1 hit a 5-m gross oil column in the McKinlay sandstone, which is contiguous with an earlier found net 8-m oil column in the Namur sandstone and a separate 6-m oil column in the mid-Namur section. All are in the Mesozoic-age Eromanga basin sediments.

Wireline data has indicated an upside of in excess of 2 million bbl potential in the structure. This does not include oil shows in the Birkhead formation (also Mesozoic in age) over a 1-m gross interval, which have yet to be fully evaluated.

The well, which is another on the western flank play in the Cooper-Eromanga basin, is to be cased and suspended as a future producer.

It follows the recent Bauer-1 wildcat in the region that flowed at 15,000 b/d with no water present.

Drillsearch has 60% interest and Beach the remaining 40%.

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