Project Profile
Value: Undisclosed
Location: -central portion of the Patchawarra Trough, South Australian Cooper Basin
Area: 504km2
Reserves: unknown
Start-up year: -
PEL 106 is located in the South Australian Cooper Basin and covers the southern-central portion of the Patchawarra Trough. PEL 106 was initially granted on 9 April 2003 for one 5 year term. After this period expired, the permit was renewed for a further term and half of the initial permit area was relinquished. The renewed area of PEL 106 is 504km2. Due to prolonged periods of flooding in the Cooper Basin in 2010, Drillsearch received an extension and suspension for PEL 106. The new expiry date of the permit is 8 October 2014.
PEL 106 is currently divided into 2 sub blocks PEL 106A and PEL 106B. Drillsearch holds a 100% interest in PEL 106A. In 2004 Beach Energy farmed into and acquired a 50% interest in PEL 106B and following completion of the farmin work obligations PEL 106B is now held on a 50/50 basis. Beach is the technical operator of PEL 106B. Drillsearch has made 10 gas discoveries out of the eleven drilled wells during the first term. These gas discoveries were cased and suspended and one dry well was plugged and abandoned, as listed in the table below. These wells are currently shut-in and are awaiting suitable commercial arrangements to connect them to the market.
Operators:
Drillsearch: 100% interest in PEL 106A
Beach Energy: 50% interest in PEL 106B on 50/50 basis with Drillsearch
Off-take companies:
Santos: 66.6% gas sold to
Delhi Petroleum: 20.2% gas sold to
Origin Energy: 13.2% gas sold to