Beach Energy Ltd. (ASX: BPT) had its third success from as many wells in its 16 well operated program in the Western Flank of the Cooper Basin with the Butlers-2 well encountering a five meter oil column. The Butlers-2 well is located 950 meters NE of the Butlers-1 discovery well.

The Butlers-2 oil column was encountered in the Namur Sandstone reservoir and was consistent with pre-drill expectations. The large step-out will result in an upgrade of recoverable oil reserves from the Butlers Field of approximately 1.5 million barrels (gross), subject to remapping and a detailed review of the well data. Beach will announce a firmer reserve assessment as appropriate data becomes available.

Butlers-2 is is expected to be on-line around mid-July after completion of the new Butlers oil facility. Oil from the Butlers Field is transported from the Western Flank by flowline to Moomba. The success at Butlers-2 is likely to lead to additional development drilling in the Butlers Field. The Ensign#30 rig will now be moved to the Butlers-3 development well location which is located about 320 meters to the NW of Butlers-1.

Participants in PEL 92 are:

  • Beach 75% (Operator)
  • Cooper Energy Limited 25%