(MENAFN - ProactiveInvestors - Australia) Beach Energy (ASX: BPT) and Drillsearch Energy (ASX: DLS) have made a new Cooper Basin oil discovery that may increase reserves at the Bauer oil field.
The Bauer North-1 well intersected about 3 metres of net oil pay in high quality McKinlay/Namur sandstones and will be cased and suspended as a future oil production well.
Following completion, it will tied into the Bauer Central Production Facility.
Mud and wireline logs indicate that Bauer North-1, which is 2.2 kilometres north northwest form the Bauer-8 development well, appears to have similar but differing oil/water contacts to the Bauer Oil Field.
This suggests that it may be part of the Bauer oil field and further appraisal drilling is required to confirm this.
Following completion of operations at Bauer North-1, the Ensign 930 rig will move to drill the Bauer-9 appraisal well.
Drilling results from both wells will be included a reserves update for the Bauer oil field.
Beach has a 40% operating interest in PEL 91 while Drillsearch holds 60%.