Australia's Beach Energy Active in Cooper Basin

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Researched by Industrial Info Resources Australia (Perth, Australia)--With roots stretching back to the early 1960s, Beach Energy Limited (Glenside, South Australia) (ASX:BPT), is well established in the Australian oil and gas industry. The company's pioneering exploration in the Otway Basin of southeast Australia resulted in significant discoveries of commercial gas at Port Campbell in 1979. In the early 1980s, it made oil discoveries at Jackson, Bodalla South and Kenmore in southwest Queensland.

Currently, Beach Energy is the largest producer of oil in the Cooper Basin, the sixth largest in Australia, and with a market capitalisation of approximately $US 1.86 billion ($AU 2.0 billion), is listed on the ASX100.

The company's permits in the Cooper Basin cover more than 21,600 square miles (56,000 square kilometers), which is approximately the same size as the state of Tasmania. Plans for much of this area are well under way, with a number of joint venture projects in development.

Beach Energy has entered into a 40:60 joint venture with Drillsearch Energy Limited (Sydney, Australia) (ASX:DLS) in order to develop the Congony, Sceale and Kalladeina fields in the PEL 91 lease. Already producing around 12,000 barrels of oil per day, production is set to increase with a further six wells that are due to be drilled before the end of the year.

Further south at the PEL 92 lease, 6,000 barrels of oil per day are already being produced. Beach Energy, with its 75:25 joint venture partner, Cooper Energy Limited (Adelaide, Australia) (ASX:COE), has plans to increase production levels with the drilling of 3-4 additional wells in the coming months.

An additional 18 wells are expected to be drilled within PEL 104 and PEL 111. These leases are held by a Beach Energy and Senex Energy Limited (Brisbane, Australia) (ASX:SXY) 40:60 joint venture, in which Senex is the operator. Already producing about 4,300 barrels of oil per day, production is expected to increase quickly as all 18 wells should be complete by the end of the year.

Oil is not the only resource Beach Energy is focused on. As part of a 50:50 joint venture with Drillsearch Energy, 12 million metric standard cubic feet of gas per day are being produced from the Canunda Field, in the PEL 106 lease. Having been operational since July 2013, the joint venture partners are hoping to increase production with the drilling of an additional three wells before the end of the year.

The oil produced by Beach Energy's joint ventures in the Cooper Basin is sent via flowlines to the Lycium Hub, whereas the gas is sent via pipelines to the Santos Limited (ASX:STO) (Adelaide, Australia)-owned Moomba Gas Processing Plant.

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