Western Wet Gas Fairway - Southend-1 exploration well spuds

Wednesday, Apr 18, 2012

Drillsearch Energy Limited (ASX: DLS) is pleased to announce that after the success of Haslam-1 that Southend-1 the fifth and final well in the program has spudded on Tuesday 17 April 2012 at 14:00hrs. Drillsearch holds a 60% interest in PEL 107 and Beach Energy (ASX: BPT) as Operator holds 40%.

The Southend-1 wet gas exploration well is located approximately 6.9km south, south east of the Haslam-1 wet gas discovery and 5.3 km south west of the prolific Raven wet gas field. Its primary target is the intra-formational sands of the Permian Patchawarra Formation. The Toolachee Formation and Tirrawarra Sandstone are considered secondary targets for wet gas. Drilling will be to a total depth of 2,912mRT and it is expected that the drilling will take 14-18 days.

Southend-1 is estimated to have P10 High-side Gross Recoverable Prospective Resource potential of up to 20.79 BCF sales gas and associated hydrocarbon liquids. Details of the Southend Prospect are set out in the attached Prospect Data Sheet and accompanying maps.

Southend-1 will be drilled as a conventional vertical well with wireline logging and possible testing planned after the well reaches total depth. The primary target zone in the Patchawarra Formation is expected to be penetrated ten days after spud.

Source: Drillsearch Energy

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