Australia's Beach Petroleum Ltd. , a mid-sized oil and gas exploration and production company, said on Friday it has found oil at its Bodalla South field in southeast Australia. Beach said in a statement that an appraisal drilling programme at its fully-owned Bodalla South field in the Cooper Basin showed oil flows of 4,617 barrels of oil per day (bpd) in the Bodalla South 17 well.
The Bodalla South 16 well had a flow of 230 bpd.
The two new appraisal wells have added an estimated incremental oil reserve of 250,000 barrels to the field and commercial production from the wells would be underway in a month.
Adelaide-based Beach said the oil shows at Bodalla have also opened the northern portion of the field to further drilling.
Beach Petroleum's Managing Director, Reg Nelson, said the success at Bodalla has given the company "a very high level of confidence of further extractive upside for some years in both Bodalla and the nearby Kenmore fields".
Shares in Beach, which has a market value of around A$1.26 billion ($1.04 billion), were up 2.15 percent at A$1.425 by 0348 GMT.Beach, which had oil and gas reserves of 101 million barrels of oil equivalent as at July 1, 2006, produced 1.35 million barrels of oil in 2006. ($1=A$1.21)
Source : asia.news.yahoo.com
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