Beach Energy Ltd Positive drilling results
Positive drilling results: Beach Energy Ltd (ASX: BPT) stock rallied over 9.5% in the last five days (as of July 20th, 2017) and we believe the bullish momentum in the stock would continue. The group’s Western Flank Oil – ex PEL 92 project (wherein they have 75% stake along with their partner, Cooper Energy who has 25% stake) finished the five-well oil development and appraisal program in the Callawonga Field. Final wells including Callawonga-15, -16 and -17, were drilled in June 2017 and were cased and suspended as potential producers. If successful, all five wells would come online in the second quarter of 2018. As per their Western Flank Oil – ex PEL 91 progress, the two-well oil appraisal campaign started in the Chiton Field, located over two kilometers south of the Bauer Field. The first well of the campaign, Chiton-4, was plugged and abandoned as there was no commercial pay. But as at 30 June 2017, the group reported a well stock of seven drilled and uncompleted oil wells in ex PEL 91. Western Flank Oil – PEL 182 project (with Beach have 43% stake along with Senex who has 57%) finished three-well oil exploration program, while the campaign encouraged for planned testing of the Birkhead Formation in FY18.
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