Beach Energy Announces Being Awarded PACE Gas Grant

Beach Energy Ltd (ASX: BPT, “Beach”), through its PEL 494 Joint Venture with Cooper Energy Ltd (ASX: COE, “Cooper”) has commenced preparations for drilling a conventional onshore gas exploration well in the Penola Trough, Otway Basin in South Australia. Beach will be supported by the South Australian Government through the Plan for Accelerating Exploration (“PACE”) gas grant scheme, which aims to bring new gas to market within three years.

The onshore Otway Basin in South Australia is a proven gas province close to existing infrastructure and pipeline networks. The region has produced approximately 70 Bcf of sales gas and has supported local industry. Beach has operated in the region for over 50 years and is currently active in the region with the Haselgrove-3 well. Drilling of Haselgrove-3 was completed in November. Encouraging gas shows were seen and the well is being prepared for further evaluation.

Dombey-1 will be drilled in PEL 494 (Beach 70% and operator, Cooper 30%). The well is expected to be drilled approximately 20 kilometres west of Penola and proximate to Beach’s Katnook facility and pipeline network, and the SEA Gas transmission system. The well will target conventional gas and gas liquids in the Pretty Hill Formation, a proven gas producing formation. Success at Dombey-1 could lead to follow-up activity including appraisal and development drilling in the Dombey Field. Dombey-1 is expected to be drilled in FY19 and will not be fracture stimulated.


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