Drillsearch Energy has executed an agreement with Beach Energy for Beach to farm in to itsATP 924P oil and gas exploration permit in the south west Queensland section of the Cooper Basin. The agreement extends Drillsearch and Beach’s successful partnership from the Western Flank Oil Fairway of the Cooper Basin where the two companies produce oil from the prolific PEL 91 joint venture, as well as wet gas from PEL 106. This agreement follows an extensive farmout process conducted by Drillsearch to identify an aligned joint venture partner for the permit.
Under the terms of the agreement, Beach will fund 150km² of recently acquired 3D seismic, and drill an initial exploration well on the Hurron Prospect to earn a 45% farmin option. Under the second phase, and should Beach elect to exercise the option, it will drill an additional exploration well and reimburse Drillsearch for past costs in order to earn the 45% interest. Beach will operate the drilling of up to two wells on behalf of Drillsearch who will retain operatorship of the permit. The first well is expected to target potential oil reservoirs in the Eromanga Basin sediments in the Hurron Prospect. Drillsearch currently estimates that the Hurron Prospect offers an unrisked prospective resource potential of between 6.4 mmbbls (Low estimate P90) and 48.1 mmbbls (High estimate P10) with a best estimate (P50) of 18.7 mmbbls. In addition, the company has also identified a deeper Hurron wet gas prospect, with a total unrisked prospective resource potential of between 12.3bcf (Low estimate P90) and 52.4bcf (High estimate P10) with a best estimate (P50) of 27.9bcf.
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