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BEACH ENERGY LIMITED — Capital/Financing Update 2011
Jan 24, 2011
64558_rns_2011-01-24_d677cb33-f149-40b1-98e2-ff6592b491ef.pdf
Capital/Financing Update
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ASX/MEDIA ANNOUNCEMENT
25 January 2011
The Manager Companies Announcements Office Australian Securities Exchange
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HOLDFAST-1 WEEKLY DRILLING REPORT
| ITEM | DETAIL |
|---|---|
| Well name | Holdfast-1 |
| Permit | PEL 218(Permian JV) |
| Participants | Beach Energy Ltd – 90% (Operator) Adelaide EnergyLtd(ADE)– 10% |
| Primary targets | Roseneath/Epsilon/Murteree shale/sand/shale sequence(“REM” unit) |
| Spud date | 21 January2011 |
| Target depth(prognosed) | 3625m |
| Total depth@end of current week | 776m |
| Total depth@end ofprevious week | 0m |
| Metres drilled duringweek | 776m |
| Activities duringweek | Spud well : drill 17 ½” surface hole from 0 – 776m |
| Current activities | Drillingahead |
| Planned activities | Drill surface hole to +/-950m - set 13 3/8” surface casing – install BOP’s, pressure test and drill 12 ¼” intermediate hole |
Commenting on the spudding of the well, Adelaide Energy Ltd’s Managing Director, Mr Carl Dorsch, said:
“We are pleased that we have now got over some weather issues which delayed the spudding of Holdfast-1, a well that is intended to contribute to the establishment of a potentially very large contingent resource of shale gas across the Nappamerri Trough. We are looking forward to the initial results from the analysis of the cores taken during the drilling of Encounter-1, which should be available over coming weeks.
We remain confident that we will complete this well and the further planned evaluation work (fraccing, core analysis etc) on both of the wells without any costs to ADE.”
For further information contact:
Carl Dorsch Neil Young Managing Director Chief Commercial Officer Adelaide Energy Limited Adelaide Energy Limited Mob: 0400 508 088 Mob : 0417 850 245 [email protected] [email protected]
ASX Code : ADE
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Holdfast-1
0 1 Time Depth Chart
1. Holdfast-1 spudded on 21/01/11 at 1400hrs.
2. Drilling ahead in 17.5" hole.
500
2
Surface (17.1/2") hole pTD @ 950m
1000
1500
2000
2500
Intermediate (12.1/4") hole pTD @ 2600m
3000
3500 Prognosed Production (8.1/2") hole pTD @ 3487m
Actual
4000
0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80
DEPTH (mRT)
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