Beach Energy Ltd

BPT Details

A five-well oil development and appraisal campaign was successfully completed in the Callawonga Field, and the campaign was designed to develop new oil reserves in the McKinlay Member and appraise the extent and productivity of this reservoir. The Namur Sandstone was targeted as a secondary objective. The final wells of the campaign, Callawonga-15, -16 and -17, were drilled in June 2017 and cased and suspended as future producers. The campaign proved successful with all five wells expected online in Q2 FY18. Four wells intersected oil columns high to prognosis, indicating extensions of field limits with expected 2P reserve additions. Namur columns were also intersected at three wells which will allow earlier connection and acceleration of production. The campaign also provided evidence to support additional in-fill development drilling, with planning of a future five-well program currently underway. A two-well gas development campaign was completed in the Dullingari and Dullingari North fields, located approximately 65 kilometers east of the Moomba processing facility. The second well of the campaign, Dullingari-42 DW1, was side-tracked from the nonproducing Dullingari-42 well. Dullingari-42 DW1 intersected approximately 62 meters of net gas pay in the Patchawarra Formation. Further review of results will be undertaken to determine if directional drilling from existing non-producing wells can be applied to other development opportunities across the Cooper Basin. We maintain a “Buy” recommendation on the stock at the current price of $0.58


BPT Daily chart; (Source: Thomson Reuters)

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