The PEL 91 joint venture has matured two robust drilling prospects with the benefit of 3D seismic data obtained from the Modiolus 3D seismic survey that was conducted in 2008. The drilling program will target mean recoverable un-risked oil reserves totaling 3.5 million barrels with P10 upside potential totaling 7.8 million barrels. A discovery at either location would add significantly to Drillsearch Energy’s reserves and, because of their proximity to existing infrastructure, a discovery could be commercialized quickly and hence provide immediate cash-flow to the company.
Recent 3D seismic acquisition has de-risked these prospects to a favorable level and they are now ready for drilling. The two prospects lie in the prognosed oil fairway on-trend with the particularly successful oil discoveries at Parsons, Christies and Callawonga in PEL 92 to the south. The wells are targeting the Namur sandstone which is the highly prolific main reservoir in the region and which has seen the recent discoveries of Callawonga-3 (5,660 bopd) and Perlubie-1 (2,600 bopd).
Interests in PEL 91 are Drillsearch Energy 60% and Beach Petroleum 40%.
