Hero Technologies Inc (HENC)

[tchauncy]

No wonder Beach Energy's stock has jumped 20% in the past week. A pretty good move considering they have almost 2 Billion shares outstanding. They are now two for two in the Parsons field with the first one completed testing over 5,000 bbls a day. This well is by far the best test they have had in the area which is only about 10km north of HENC's PEL92. Apparently due to the size of the well have decided to just slide the rig south a couple of kilometers and drill a Butlers well next.

Cooper Basin Western Flank

Beach Energy Ltd (ASX: BPT, “Beach”) has obtained excellent results from the first two wells drilled of its 16 well operated program in the Western Flank area.

In late February the Parsons-3 oil development well encountered a 9 metre column. This result has now been immediately followed by a second success at Parsons-4, where a 5.5metre column oil was encountered in line with pre-drill prognosis. Both wells intersected excellent quality Namur sandstone reservoirs and have been completed for production and early tie-in to the Parsons facility. Following completion and perforation, Parsons-3 flowed over 5000 barrels of oil per day during clean up. No water was produced This well is expected to be on-line around mid April with Parsons-4 shortly thereafter.

Since a good bit of the 25 million barrels of recoverable reserves that ISIS Engineers gave HENC came off the original Parsons and Butlers discoveries, these two new wells should add considerably to HENC reserves.



See April 4 PR.
http://www.beachenergy.com.au/IRM/content/news_asxannouncements.html