PERTH (miningweekly.com) – The share price of ASX-listed Beach Energy jumped Monday on the announcement of a new conventional gas discovery in the Perth basin.
The new discovery was made at the Beharra Springs Deep-1, in which Beach holds a 50% interest.
The well is located some 15 km southwest of the West Erregulla-2 well, and has been drilled to a total depth of 4 170 m and intercepted a 65-m-thick reservoir internal of the Kingia Sandstone at a depth of 3 935 m to 4 000 m, with an estimated net gas pay of 36 m.
“Perth basin is a key growth asset in the Beach portfolio. The results at Beharra Springs Deep is further validation of the basin’s conventional gas potential within the Kingia formation,” said Beach MD Matt Kay.
“Our near term plans include the expansion of Waitsia Stage 1, reaching final investment decision on Waitsia Stage 2 and acquisition of the Trieste 3D seismic survey over the coming months to high-grade a number of prospects and leads as future drilling candidates.”