Beach finds oil shows at Parson-1

THE Beach Petroleum-operated Parsons-1 oil exploration well, in Cooper Basin permit PEL 92, has encountered oil shows in the Namur reservoir, according to co-venturer Cooper Energy.

Cooper said the joint venture plans to run wireline logs to evaluate the shows in this primary target, where pre-drill recoverable reserves had been calculated at 500,000 barrels of oil.

The well, which was drilled to a total depth of 1817m, is about 9km west-northwest of the Christies oil field and 8km west-southwest of the Callawonga oil field.

Beach holds a 75% stake in PEL 92, while Cooper has 25%.