Adelaide, Australia, Sep 20, 2012 - (ABN Newswire) - Beach Energy Limited (ASX:BPT) has commenced its PEL 92 (Beach 75% and operator, Cooper Energy Limited 25%) joint venture approved ten well drilling program, which will consist of three development wells
and seven exploration wells.
Upon completion of drilling and logging operations the rig is to move to the west on the lease and drill the #14-5 development well
targeting the same formations.
It is expected that this program, which includes five exploration wells in PEL 91 (Beach 40%), seven exploration wells in PEL 92 (Beach 75%) and four development wells
in the Parsons and Butlers oil fields (PEL 92), will potentially add four MMbbl to Beach's 66 million barrels of oil equivalent reserves base as at 30 June 2010.
It also drilled six development wells
in the North Abu Qir field through the new sea pier north of Abu Qir 3.
As part of the contracts, Halliburton will mobilise four to six rigs onsite, with the aim of drilling development wells
over the next two years.
'Given past production from the block, the consortium is confident the committed drilling program for two development wells
and two appraisal wells will further enhance the field's long-term commercial value,' PetroEnergy stated.
According to a report quoting officials, 'Under the plan, 50 exploratory and 40 development wells
will be drilled in a bid to make the country self-sufficient in the energy sector.
The company expects that projected cash flow will fund the drilling expenses.<br />The drilling program for the remainder of the year includes 10 development wells
in the new North Blackland field discovered by the Blackland #2-34 well spud on April 15 and confirmed by the completion of the Blackland #2-35 well spud on May 16 and drilling of three exploration wells to test the 2,000-acre Arsaga structure and 650-acre Section 13 structure identified by 3D seismic data.<br />Petro River said that proved reserves as of May 1 were up 175 percent from May 1, 2017.<br />
Among the 503 wells, 119 exploratory and 384 development wells