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Beach makes fifth Cooper find

Australia’s Beach Energy has hit oil in the Parsons-5 development well in PEL 92 in the Cooper basin western flank, onshore South Australia.

Beach said the well intersected a six metre oil column in the Namur sandstone reservoir which was consistent with its pre-drill expectations.

The find marks the company’s fifth success in its PEL 92 drilling program and it said the confirmed up-dip position in respect to Parsons-2 would result in an upgrade of recoverable oil reserves from the Parson’s field.

Beach said preliminary work suggested the well results from its current drilling program, along with continued strong production, would result in a reserve increase of more than 800,000 barrels of oil for the Parsons field.

However, it added that it would release a firmer reserve assessment as the appropriate data became available.

Output from the Parsons-5 well is expected to be tied in during the second half of the year through the Parsons oil facility.

The next well to be drilled in the PEL 92 program will be the Wheatons-1 exploration well, about 10 kilometres north of the Parsons field.

Beach is operator of PEL 92 and holds a 75% stake with fellow Australian company Cooper Energy holding the remaining 25% interest.