Drillsearch Energy has discovered oil at the Balgowan-1 exploration well in PEL 91, on the Western Flank Oil Fairway of the Australian Cooper Basin.
The well, which is situated 3.6km north-east of the Stunsail-1 oil discovery, has been cased and suspended as a future oil producer following the confirmation of a 9m gross oil column in the McKinlay-Namur.
Drillsearch said this is the fourteenth oil discovery in PEL 91 and analysis of the well results is continuing with an update on the size of the discovery to be revealed shortly.
The rig will now be used to drill Burners-1, which is midway between Balgowan-1 and Stunsail-1.
Drillsearch Energy managing director Brad Lingo said: "The Balgowan-1 discovery represents an excellent start to the FY2015 drilling campaign on the Western Flank, building on the success we had in the last financial year.
"In particular, both Balgowan-1 and Stunsail-1 illustrate the prospectivity of the previously under-explored area north-east of the prolific Bauer oil field."
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By GlobalDataDrillsearch holds 60% interest of PEL 91, with Beach Energy owning the remaining 40%.
Drillsearch has assets that include the exploration, development and production within oil, wet gas and unconventional.
The company formed several alliances with firms engaged in the Australian and international exploration and production industry, including QGC, Santos and Beach Energy.
Image: The locations of Balgowan-1 and Burners-1. Photo: courtesy of Drillsearch Energy.
