Tawhaki-1 Exploration Well Update

Source Press Release
Company Beach Energy LimitedMitsui & Co., Ltd.OMV Group 
Tags Unsuccessful Wells, Upstream Activities
Date February 20, 2020

Beach Energy Limited (ASX: BPT, Beach) provides the following update on the Tawhaki-1 exploration well in the Great South Basin, offshore New Zealand.

On 19 February, OMV as operator of the Tawhaki-1 exploration well, advised that the well, being drilled by the COSL Prospector rig, had reached target depth of 2980 m MD.

Data obtained during the drilling phase indicated no hydrocarbons were present in the target reservoir. Therefore, a decision has been taken to plug and abandon the well.

Background

On 19 December 2019 (see ASX Announcement #045/19), Beach announced it had acquired a 30% interest in exploration permit PEP50119 (OMV 52.93% and operator, Beach 30%, Mitsui E&P Australia 17.07%) in the Great South Basin, offshore New Zealand, which contained the undrilled Tawhaki exploration prospect.

Source: EvaluateEnergy® ©2020 EvaluateEnergy Ltd