Northeastern Spain's Ebro basin due search

Beach Petroleum plans to spend $3 million to fund a seismic survey to earn 25% interest in four gas-prospective permits held 75% by Serica Energy in the Ebro basin between Madrid and Barcelona.

By OGJ editors
HOUSTON, Nov. 7 -- Beach Petroleum Ltd., Adelaide, plans to spend $3 million to fund a seismic survey to earn 25% interest in four gas-prospective permits held 75% by Serica Energy PLC in the Ebro basin between Madrid and Barcelona.

A 15-km test line was shot in July, and a 330 line-km 2D seismic program is under way. Three large targets, Torres, Fabregas, and Casillas, have been identified.

The basin has large structures and seeps. The Abiego, Barbastro, Binefar, and Peraltilla permits total 275,000 acres 40 km southeast of Serrablo gas field. Gas demand is strong and the price is above $8/gigajoule in northeastern Spain, Beach noted, and a gas trunkline crosses the permits.

Beach decided a year ago to expand exploration outside Australia and New Zealand and expects to announce more international transactions soon.

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