Beach hit another big one last week. This one is in the Butlers Field a couple of km southwest of the two in the Perlubie field over the prior weeks. The first of the three wells was an Elephant and tested 5,000 bbpd and had 8.5 meters of net pay. This one hasn't been flow tested yet, but as you can see has five meters. So this could easily be a multi-thousand barrel a day well. And this one is the closest well yet to HENC's PEL112 around 11km away.
Originally the third well, according to a Feb 16 Beach PR was going to be the wildcat Jaffa-1 that sits just a bit over a 1 km north of 112, but due to the big success they are having in these step out wells in Perlubie and Butlers, it appears they want to keep the rig drilling these "gimme's" before they move the rig. Can't blame them with the price of oil being as high as it is. But this actually is good for HENC.
From what I hear, each time Beach hits another of these wells, HENC gets more calls from other operators about the possibility of "buying into" Pel 112. By the time they do drill the Jaffa well, HENC could have a pretty big crowd bidding for a piece. Obviously, the bigger the crowd, the higher the bid potential.
Here is Beach last PR update of a few days ago.
THIRD WELL SUCCESS FOR BEACH’S WESTERN FLANK OIL DRILLING CAMPAIGN
Beach advises that it has successfully encountered a five metre oil column at the Butlers-2 appraisal well in the Cooper Basin Western Flank Beach Energy Ltd (ASX: BPT, “Beach”) 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 metre oil column.
The Butlers-2 well is located 950 metres 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 re-mapping 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 metres to the NW of Butlers-1.
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