Beach Energy Ltd has made a new field oil discovery at Elliston-1, the second successful exploration well from three drilled in PEL 92 (Beach 75%) for the financial year to date.

The Elliston-1 well encountered an oil column with net pay of three metres in the Namur Sandstone section of the well. Preliminary volumetric assessment indicates a discovery in the order of one hunderd thousand barrels of recoverable oil (gross).

The Elliston-1 reservoir appears to be of high quality with the potential to deliver strong flow rates. As it is near infrastructure, the tie-in of the well should be relatively quick, with the well expected to be on-line in the fourth quarter.

Following the completion of the evaluation program, the Ensign#30 rig will be moved to the Perlubie-2 appraisal well which is located about four kilometres to the south of Elliston-1.

Tags: Beach Energy