Beach revealed in its monthly drilling report on Wednesday the Maroochydore‐1 exploration well encountered oil shows while drilling but wireline logs showed the Hutton sandstone to be water saturated and the decision was made to plug and abandon the well.
Maroochydore‐1 was drilled to test a northern four way closure, primarily targeting the Hutton sandstone with secondary targets in other Jurassic sandstones
Despite the disappointing result, Beach said the well had provided the joint venture with "a significant amount of data" that improved its understanding of the north‐eastern flank of the Cooper basin.
Beach
