Company News Summary
Beach Energy Announces Oil Discovery at Pennington-1 in the Cooper Basin
Original announcement: Oil discovery at Pennington-1 in the Cooper Basin
Beach Energy advised a new field oil discovery, with multiple oil columns encountered in the McKinlay/Namur and mid-Namur Sandstones and oil shows in the Birkhead Formation in Pennington-1 in PEL 91. The pre-drill upside gross estimate have been exceeded and appear to be in excess of two million barrels of recoverable oil, which is supported by wireline log data. Following the completion of the evaluation program the Ensign 930 rig will be moved to the Coorabie-1 exploration well, located 30km to the SouthEast of Pennington-1 in PEL 106B (Beach 50% and operator, Drillsearch 50%).
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