Drillsearch Energy has reported that, following its success in the Western Flank Oil Fairway exploration and development drilling program, the PEL 91 Joint Venture has spudded the Basham-1 exploration well on 26 October 2011. Drillsearch holds a 60% interest in PEL 91 while Beach Energy as operator holds 40%. Basham-1 is the last exploration well in the current 2011 drilling program. To date, the PEL 91 Joint Venture has drilled four new oil discoveries being Hanson-1, Snellings-1, Arno-1 and Bauer-1 as part of the Western Flank Oil exploration program along with 3 successful appraisal and development wells at the Bauer-1 Oil Field.

The Basham-1 oil exploration well is located approx. 5.4km north of the Chiton Oil Field. The primary objective of Basham-1 is sandstone developed within the Birkhead Formation. The Poolowanna Formation is considered a secondary target for oil. Drilling will be to a total depth of 1,993mRT and it is expected that the drilling will take 10-14 days. Seismic mapping of horizon and amplitudes at the Intra-Birkhead level contains a calculated gross rock volume of 9.0km2/m. Basham-1 is estimated to have P10 High-side Gross Recoverable Prospective Resource potential of up to 2.0 million barrels of oil (see table below).

Basham-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 Intra Birkhead Formation channel sandstones is expected to be penetrated five to seven days after spud.

Tags: Drillsearch Energy