Hero Technologies Inc (HENC)

[tchauncy]

Looks like Beach just brought in a couple of new Discovery wells. A big one in PEL91 (The 5000 bopd well they announced this past Spring only had 11 meters of oil column)and a decent one in PEL 92.

While these wells are some 60-70km away from HENC's PEL 112, IMO they are significant to HENC for two reasons. 1) It shows that if you hit the right spot in the Cooper Basin, you can bring in some awesome wells and 2)Both of these wells are extending the play to the North where HENC hold 600,000 acres on their PEL 444 concession. 444 borders on both PEL 91 & 92.



Beach advises two new field oil discoveries, with a fifteen metre oil column encountered at Bauer-1 in PEL 91 and a five metre oil column at Rincon-1 in PEL 92


Beach Energy Ltd (ASX: BPT, “Beach”) is pleased to announce two new field oil discoveries at Bauer-1, the third successful well in a five well exploration drilling campaign in PEL 91, and at Rincon-1, the final exploration well of the initial eleven well program for PEL 92. The commencement of the FY12 Joint Venture approved nine well exploration and development program, set down for PEL 92, will now follow this program.


The Bauer-1 well (Beach (Operator) - 40%, Drillsearch Energy Ltd - 60%) encountered a gross oil column of fifteen metres, with thirteen metres of net pay, in the McKinlay/Namur Sandstone section of the well. Preliminary volumetric assessment indicates the potential of the discovery could be in
the order of two million barrels of recoverable oil (gross).

Following the completion of the evaluation program, the Ensign #18 rig will be moved to the Searcy-1 exploration well which is located approximately eight and a half kilometres to the north-east of Bauer-1. Bauer-1 is expected to be on-line in the fourth quarter of 2011.

The Rincon-1 well (Beach (Operator) - 75%, Cooper Energy Ltd - 25%) encountered a gross oil column of five metres, with four and a half metres of net pay, in the McKinlay/Namur Sandstone
section of the well. Beach’s preliminary volumetric assessment suggests up to five hundred thousand barrels of recoverable oil (gross).

http://bpt.irmau.com/IRM/Company/ShowPage.aspx/PDFs/2631-65109735/OildiscoveriesatBeachswesternflank