The drilling is part of Beach Energy’s FY16 drilling campaign, which is planned to drill up to 16 wells. The wells include mix of exploration, appraisal and development drilling.
Located approximately 250km north-east of Moomba and between the long-producing Inland and Cook oil fields, the well targets the Jurassic oil in the Hutton Sandstone and will be drilled using Ensign 930 rig.
Beach Energy used the Hurron 3D seismic survey, acquired in 2014, to identify the targets in the Maroochydore-1.
The company plans to carry out drilling at a second Queensland well, the Thylungra-2 oil appraisal well, located in PL 184 following completion of Maroochydore-1 well drilling.
Beach Energy will then move the Ensign 930 rig to the Western Flank to perform appraisal drilling in the Bauer Field (ex PEL 91) and exploration drilling in ex PEL 106 during Q2 FY16.
Beach Energy holds 45% stake in ATP 924P, while Drillsearch will own the remaining 55% interest.
Beach Energy Acting CEO Neil Gibbins said: "We have carefully framed our FY16 budget to ensure a balance of exploration, appraisal and development drilling, which will continue to support production performance without ignoring exploration in this cash constrained environment."
In 2014, Drillsearch Energy had signed a farm-in agreement with Beach Energy to explore the ATP 924P oil permit in Australia.
