Beach Energy Ltd., Adelaide, has confirmed gas and condensate reserves in its Enterprise-1 discovery in inshore waters of the Otway basin of western Victoria.
The well, drilled from an onshore location into offshore permit VicP42(V), has led to a 2P reserves booking for the field of 34 MMboe. This includes 161 petajoules of gas, 352,000 tonnes of LPG, and 4 million bbl of condensate at an initial gas-condensate yield of 25 bbl/million cu ft.
The reserves estimate includes an allowance for expected reductions in condensate yield as the reservoir depletes, the company said.
The results are better than pre-drill expectations and the discovery will help to ensure a continued pipeline of gas to the nearby Otway gas plant which supplies the Australian east coast market, the company said.
Beach plans to commence front-end engineering and design (FEED) activities during the next few months, aiming for a final investment decision for Enterprise development during the 2021-22 financial year. First gas is expected during the first half of the 2022-23 financial year.
Further exploration in the vicinity of Enterprise using the Enterprise-1 onshore drill pad is expected.
Beach also has taken delivery of the Ocean Onyx semi-submersible drilling rig which is now on location preparing to spud the company’s Artisan-1 well in permit Vic/P43 further offshore.
Artisan-1 lies in 71 m of water about 32 km from the coast. It is the first well in a multi-well program in the region for Beach.
Beach is 60% interest holder and operator of both Vic/P42(V) and Vic/P43. OG Energy holds the remaining 40%.
