Drillsearch Energy Ltd advised that a new wet gas discovery has been made with the Coolawang-1 exploration well. Operations are currently underway to case and suspend the well for cased-hole extended production testing to further evaluate multiple Patchawarra Formation oil and wet gas bearing sands.

Coolawang-1 was the third well in the Western Wet Gas Fairway exploration program which comprises four exploration wells in PEL 106B targeting the Patchawarra and Tirrawarra Formations located on the Western Flank of the South Australian Cooper Basin. Drillsearch Energy Limited holds a 50% interest in PEL 106B and Beach Energy as operator holds 50%.

Drillsearch Managing Director, Brad Lingo said, "This is an extremely exciting result encountering multiple wet gas zones with very high liquid hydrocarbon content. The close proximity of Coolwang-1 to the Canunda and Paprika wet gas discoveries helps build a critical mass to support an expansion of the initial wet gas pilot project which started production in early January 2012."

"We are equally excited about the progress of the unconventional coring program recovering close to 98 foot (30 meters) of coals and shales which appear to have both significant gas contents and potential liquids as well. Additional testing and evaluation work will be required across each of these zones to establish reserves and to determine the produceability of the unconventional zones but this is a very good position to start from."

Tags: Drillsearch Energy