Beach Energy has successfully encountered a six metre oil column at the Parsons-5 development well in the Cooper Basin Western Flank.

 

Beach Energy Ltd (ASX: BPT, “Beach”) had its fifth success in its PEL 92 drilling program with two wells remaining to be drilled. The Parsons-5 well, located 1.3km south of the Parsons-1 discovery well, encountered a six metre oil column.

 

The Parsons-5 oil column was encountered in the Namur Sandstone reservoir and was consistent with pre-drill expectations. The confirmed updip position with respect to Parsons-2 will result in an upgrade of recoverable oil reserves from the Parsons Field.

 

Beach will announce a firmer reserve assessment as appropriate data becomes available, but preliminary work suggests that well results from the current drilling program, plus continued strong production performance, will result in an reserve increase in excess of 800,000 barrels for the Parsons Field.