Beach Energy announces gas discovery at Tarantula Deep 1 in Perth Basin

Beach Energy Ltd (ASX: BPT, Beach), a prominent Australian oil and gas exploration firm, disclosed a gas discovery at Tarantula Deep 1 in the Perth Basin. Drilled to a total depth of 4,121 metres on 14 October 2023, the Tarantula Deep 1 well unveiled a 63-metre section of superior Kingia Sandstone reservoir, akin to the Beharra Springs Deep 1 offset well.

Elaborating the Tarantula Deep 1 Findings

Further inspection of the Tarantula Deep 1 well showed an intersection with a gas water contact inside the Kingia reservoir. The net gas pay above this contact spanned 10 metres, a fact corroborated by subsequent gas sampling. The intent behind drilling down-dip was to pinpoint the depth of the gas water contact, ensuring precise estimation of recoverable gas and paving the way for streamlined development planning. The current plan outlines suspending the well to foster prospective development, with preliminary analyses affirming congruence with pre-drill estimates.

Interim CEO Shares Thoughts on the Gas Discovery

Bruce Clement, Beach Energy’s Interim Chief Executive Officer, expressed, “This campaign has commenced favorably with two gas discoveries from the initial three exploration wells. The Tarantula Deep 1 findings have enhanced our comprehension of the Kingia reservoir spread in the Beharra Springs domain. This not only emboldens our confidence in imminent development but also bolsters exploration in the proximate zone.” Reflecting on the gas demand trend, Clement remarked, “Considering the escalating gas demand in Western Australia coupled with our exploration triumphs, our Perth Basin venture is poised to amplify its significance for the West Coast gas market.”

Future Endeavours for Beach Energy

Beach Energy’s subsequent initiatives encompass moving the Ventia 106 rig to the Waitsia field for drilling the Waitsia 11 development well. Post this endeavor, the Perth Basin drilling expedition will persevere with the Beharra Springs Deep 2 development well, culminating in the exploration of the Redback Deep 1 well.