RELEASE
Spikey Beach -1 Update
T/38P – Bass Basin
Beach Petroleum Limited, the operator for a designated area of interest within permit T/38P, and
the Spikey Beach-1 well, reported today (03/09/2009) that:
“The Ocean Patriot semi-submersible drilling rig is expected to be released to Beach for the
drilling of the Spikey Beach-1 exploration well in T/38P, in the Bass Basin offshore Tasmania
later today. Beach is the operator for the well and will be earning 80% in the Spikey Beach
farmout blocks through the drilling of the well. Spikey Beach-1 will be targeting mean
recoverable oil of 16 million barrels and a high side of 41 million barrels (recoverable) of oil in
the Upper Eastern View Group. The well is expected to spud early next week, dependent upon
weather conditions.
The participants in Spikey Beach-1 well are:
Beach Petroleum Limited (operator) 80%
Galveston Mining (100% Cue Energy Resources Subsidiary) 10%
Exoil Ltd 10%
Bookmarks