(MENAFN - ProactiveInvestors - Australia) Drillsearch Energy (ASX:DLS) has boosted its Bauer oil field reserve estimate by as much as 22%, with the gross proved and probable reserves now at 8.2 million barrels.
The upswing in reserve estimate comes after an independent audit of recently drilled Bauer wells 6, 7 and 8 by RISC confirmed the increase. RISC had previously audited other appraisal/development wells.
The Bauer 9 well that is currently being drilled has so far demonstrated good oil shows in 14 metres gross interval in McKinlay Formation and Namur Sandstones. Wire line logs will be studied after the well reached its target depth.
The Bauer-9 was drilled 800 metres north west from the successful Bauer-8 appraisal/development well and 1.6 kilometres south-west of the Bauer North Oil discovery.
A a successful Bauer-9 result provides a clear indication of a further north western extension of the Bauer Oil Field and the potential for Bauer and Bauer north to be part of a common larger oil pool.
The Bauer oil field is held by the PEL 91 joint venture with Drillsearch having 60% interest, while Beach Energy (ASX:BPT) being the operator with a 40% interest.
The increase in reserve estimate will net Drillsearch 13.9 million barrels of oil equivalent.