Australia-based Drillsearch Energy Limited announced Monday a joint-venture with Australia-based Beach Energy Limited for Beach to farm into its ATP 924P oil and gas exploration permit in the south west Queensland section of the Cooper Basin.
Drillsearch currently estimates that the Hurron Prospect, located in ATP 924P, offers an unrisked prospective potential of between 6.4 mmbbls and 48.1 mmbbls with a best estimate of 18.7 mmbbls.
Drillsearch also identified a deeper Hurron wet gas prospect with a total unrisked prospective potential of between 12.3bcf and 52.4bcf with a best estimate of 27.9bcf.
Beach will fund 150 sq km of recently acquired 3D seismic and drill an initial exploration well on the Hurron Prospect to earn a 45 percent farming option.
Under the second phase, if Beach elects, it can drill an additional exploration well and reimburse Drillsearch for past costs in order to earn the 45 percent interest.
Beach will operate the drilling of up to two wells on behalf of Drillsearch.
Drillsearch will retain operatorship of the permit.