This article is 23 years old. Images might not display.
It said preliminary log interpretation of Sellicks-1 indicated approximately 10 metres of total net oil pay in two separate sandstone units in the Patchawarra Formation. Reserve estimates will be further refined after extended production testing.
Sellicks-1 has now been cased and will be completed immediately for oil production from the Patchawarra Formation.
Beach said it expected that an extended production test of the well will commence in mid-to-late September, with initial production rate likely to be in the range of 500 – 1000 barrels of oil per day.
Adelaide-based broker Don Bourne of ABN Amro Morgans put a value of around $3 million on the find, based on the lower 200,000 bbl reserves figure.
“On a conservative net asset value of A$15 a barrel, I’d put a value of around 1.6 cents per share to Cooper and around 1.1 cps to Beach,” he said.
Beach will now spud the Maslins-1 well in PEL 94, which it shares equally with Magellan Petroleum, around 9 August.
