Beach Energy makes new gas discovery in Perth basin

ASX-listed Beach Energy announced on October 18 that it had made a new gas discovery at the Tarantula Deep 1 well in the Perth basin in Western Australia. The discovery is the second gas find from the company's first three operated exploration wells in the basin.

The Tarantula Deep 1 well reached a total depth of 4,121 meters and intersected a 63-meter gross section of high-quality Kingia Sandstone reservoir, comparable to the offset well Beharra Springs Deep 1, Beach said. The well also intersected a gas-water contact within the Kingia reservoir, with a net gas pay of 10 meters above the contact confirmed by gas sampling.

Beach Energy's interim CEO, Bruce Clement, said the discovery is a great start to the company's exploration campaign in the Perth basin.

“Two gas discoveries from our first three operated exploration wells is a great start to the campaign,” he said. "With gas demand in Western Australia increasing, and further success in our exploration program, we see our Perth Basin business as continuing to grow in importance for the West Coast gas market." 

The Tarantula Deep 1 well will be suspended to allow for future development of the discovery. Beach Energy's Ventia 106 rig will shortly move to the Waitsia field to drill the Waitsia 11 development well. Following Waitsia 11, the Perth Basin drilling campaign will continue with the Beharra Springs Deep 2 development well and then the Redback Deep 1 exploration well.