The national regulator approved Beach’s Otway development drilling and well abandonment program within permits VIC/L23 (Victoria) and T/L2 (Tasmania).
Beach will commence the program before October 31, 2022 and expects that it will take up to 22 months to complete.
Drilling, completion and well testing is expected to take between 64-90 days per well, depending not the final work program and potential operational delays. Well abandonment activities are estimated to 30 days per well.
The scope of the project includes: the construction of four Thylacine development wells in petroleum title T/L2; the construction of two Geographe development wells in petroleum title VIC/L23; the permanent abandonment of a single Thylacine well (Thylacine-1) in petroleum title T/L2; and the permanent abandonment of two Geographe wells (Geographe-1 and Geographe-3) in petroleum title VIC/L23.
Following development drilling, all wells will be secured and suspended for future operation.
Beach’s operations in the Otway Basin involve natural gas production from the Halladale and Speculant natural gas fields, as well as the Geographe and Thylacine gas fields, with natural gas being piped and processed at the Otway Gas Plant near Port Campbell.
In addition, Beach Energy has confirmed that reserves discovered at the Enterprise gas field in the Victorian Otway Basin have resulted in a 2P reserve booking.
Following drilling and well testing, Beach, on behalf of its joint venture partner O.G. Energy, has booked net 2P undeveloped reserves of 21 million barrels of oil equivalent (MMboe) for the field.
The 2P reserves includes 97 petajoules of sales gas, 211 tonnes of LPG and 2 million barrels (MMbbls) of condensate, at an initial gas-condensate yield of 25 barrels/million standard cubic feet (mmscf).
Managing director and chief executive officer Matt Kay said the reserves booking of the Enterprise field was a fantastic achievement for the company, with results ahead of its pre-drill expectations.
“The material Enterprise discovery helps to ensure a continued pipeline of gas to the Otway Gas Plant – a key supplier to the east coast gas market.” Kay said.
“The liquids content in the field is more than double our pre-drill expectation, significantly increasing the value of the discovery.”