Drillsearch Finds Oil, Gas at Cooper Basin Well

Drillsearch Energy has said that its Pennington-1 exploration well in Cooper Basin has drilled through the primary objective McKinlay Namur reservoir section and encountered 12 metres of fair to good oil shows and elevated gas levels. 

In addition the secondary objective Birkhead Formation reservoir sands have encountered 18 metres of fair to good oil shows and elevated gas levels based on mudlog interpretation. The final objective, sands of the Poolawanna Formation are expected to penetrated soon.

The PEL 91 joint venture consists of Drillsearch with 60% and Beach Energy with 40% as the operator.