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Beach Petroleum Limited's (ASX:BPT) Butlers-1 Oil Discovery Was Successfully Completed As An Oil Producer
Friday July 3, 07:55 PM
Adelaide, Australia, July 3, 2009 - (ABN Newswire) - Beach Petroleum Limited (ASX:BPT)(PINK:BEPTF) is pleased to announce that the Butlers-1 oil discovery was successfully completed as an oil producer yesterday.
The completion accesses the field's 4.5 metre Namur oil accumulation over a 2.5 metre perforation interval (1300.7m - 1303.2 mRT). Following perforation the well produced 130 bbls of oil and 6 bbls of completion brine through a 2" choke, resulting in a final oil rate of 2600 bpd at a flowing tubing head pressure of 43 psi. This flowrate confirms the excellent flow characteristics interpreted from logs and will assist in determination of the most appropriate form of artificial lift installation.
The well will be connected via flowline to the nearby Perlubie-Parsons oil gathering system and facility, and so into the greater Cooper Basin gathering system, over the coming months.
Estimates conducted post drilling indicate an oil resource of approximately 1.0 mmb (gross).
Interests in the Butlers-1 well are Beach Petroleum Ltd (75%) and Cooper Energy Ltd (25%).
About Beach Petroleum Limited:
Beach Petroleum (ASX: BPT) is a long established oil and gas Exploration and Production Company. Based in Adelaide, South Australia, the Company has Oil and gas reserves of 90 million barrels of oil equivalent (at 30 June 2007), an Annual Oil Production in the 2006/07 Financial Year of 9.4 million barrels and an active drilling program within a well balanced portfolio of tenements.
Contact:
Hector Gordon Chief Operating Officer Tel: +61-8-8338-2833
Source:
Beach Petroleum Limited
Copyright (C) 2009 ABN Newswire. All rights reserved.
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