Total
0
Shares
Beach Energy (ASX:BPT) - CEO, Matthew Kay
CEO, Matthew Kay
Source: Adelaide Now
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Oil and gas company Beach Energy (BPT) has discovered gas at the Artisan 1 well, located off the Victorian coast
  • Drilling intersected a gross gas column of 69.5 metres, with net gas pay of 62.9 metres
  • The well is now being cased and suspended as a future producer, with the option to tie into the offshore pipeline later
  • After casing operations are completed, the rig will move to the Geographe field to begin further in-field development wells
  • Beach Energy is up 0.58 per cent and trading at $1.73 per share

Oil and gas company Beach Energy (BPT) has discovered gas at the Artisan 1 well, located off the Victorian coast.

The exploration well is situated within licence VIC/P43, approximately 30 kilometres offshore from Victoria in the Otway Basin. The Diamond Offshore Ocean Onyx rig spudded Artisan 1 on February 23, marking the beginning of Beach Energy’s offshore drilling campaign.

The company drilled the Artisan 1 well to a total measured depth of 2,205 metres, during which it intersected a gross gas column of 69.5 metres. This intersection included 62.9 metres of net gas pay, with a gas-water contact found at 1990 metres measured depth.

Artisan 1 is now being cased and suspended as a future producer. At a later date, the well will have the option to tie into the offshore pipeline, which is currently delivering gas from the offshore Thylacine and Geographe fields to the Otway Gas Plant on the mainland. 

Beach Energy’s Managing Director and CEO, Matt Kay, commented that the result provides the company with further optionality across its Otway Basin portfolio, especially after the success of the Enterprise well in November 2020

“While the Artisan discovery is at the lower end of pre-drill expectations, it is being cased as a future producer,” he said.

“Drilling operations have gone to plan and I want to commend the teams working on the Ocean Onyx for the successful start to the campaign,” he added.

After the casing operations at Artisan 1 are complete, the rig will move to the Geographe field to begin the first of two in-field development wells. Later, the rig will move again to the Thylacine field for an additional four in-field wells. 

First gas from the new wells within the Geographe field should begin in the 2022 financial year.

Beach Energy is up 0.58 per cent, trading at $1.73 per share at 12:14 pm AEDT.

BPT by the numbers
More From The Market Herald

" Northern Star Resources (ASX:NST) recaps Q1 FY22

Northern Star Resources (NST) has recapped its September quarter, announcing it sold 386,160 ounces of gold for the period.
BHP Group (ASX:BHP) - CEO, Mike Henry

" BHP’s (ASX:BHP) iron ore production drops amid labour shortage

BHP Group’s (BHP) iron ore production has slipped by 3 per cent amid a shortage of available labour.

" Aristocrat Leisure (ASX:ALL) to buy Playtech for $5b

Aristocrat Leisure (ALL) is looking to purchase online gambling software and content supplier, Playtech, for $5 billion.

" Harvey Norman Chairman fires back at concerned shareholder during AGM

Harvey Norman’s Annual General Meeting yesterday caused quite a stir as Chairman Gerry Harvey reportedly lashed out at shareholders.