Beach Energy Limited Second Shale Gas Exploration Well To Spud Imminently And Second USA Shale Oil Well Flowing

Despite recent localised rain in the Cooper Basin, Beach Energy Ltd is expecting to spud its second shale gas well, Holdfast-1, later today. Holdfast-1 is approximately 24 kilometres to the northeast of the first shale gas well, Encounter-1. The well is targeting the same Roseneath-Epsilon-Murteree shales which are expected to be of a similar order of thickness to the first well. Holdfast-1 is planned to reach a total depth (TD) of 3,625 metres in around 60 days. Further extensive coring is planned for this second well which will assist with gas in place estimates as well as assessing the mechanical properties of the rock for optimizing fracture stimulation design.
The Henderson Federal 4-26H well (Beach ~18.4% working interest, 14.7% net revenue interest, operator Helis Oil & Gas Co. LLC) in North Dakota USA has completed fracture stimulation operations and the well has been flowing for several days as part of the clean up process. The maximum daily rate during the clean up was 1,900 barrels of oil per day (bopd). Beach is very pleased with the initial flow rates which follow on from the successful Henderson 4-25H well that continues to flow at expected rates.
Source: Press release