Drillsearch Energy Limited Western Cooper Gas And Liquids Project Update: Canunda 1 Extended Production Testing

Drillsearch Energy Ltd is providing this update on the progress of the Canunda-1 Condensate Discovery extended production test. The PEL 106B joint venture - Drillsearch (50%) and Beach Energy Ltd Canunda-1 extended production test (EPT) will recommence after a work over to allow for not only retrieval of wireline and pressure gauges but also reconfiguration of the well to optimise production performance from the rich condensate/volatile liquids pay interval.
Both Drillsearch and Beach have declared the Canunda Condensate Discovery commercial and have assessed that the Canunda Discovery contains at least 2.8 MMBOE including 1.3 MMbbls of liquid hydrocarbons comprised of condensate and LPGs as set out in the table at the end of the release.
It is currently planned that engineers and equipment will be mobilised to location in mid-January with testing recommencing early February. The reconfigured Canunda-1 well test evaluation is intended to more accurately define size and production characteristics of this high liquids yielding gas field.
The initial extended production test began in late June and due to high condensate production rates the 10-day test was choked back due to a lack of storage and transportation constraints. Over the 10-day testing period of the upper zone, the Canunda well produced over 2500 bbls of 62 degree API condensate.
Flooding and retrieval of pressure gauges had hampered the restart of the extended production test. Additional storage and trucking have been arranged to accommodate high condensate production rates when the extended production testing of the Canunda-1 discovery well re-starts in early February.