Beach Energy strikes oil in Cooper Basin

Company News

Beach Energy Limited (ASX:BPT) has struck oil with a discovery that it estimates will reap up to 440 thousand barrels.

The oil resides in the Namur Sandstone deposit at the Callawonga site in South Australias Cooper basin.

The deposit is jointly owned by Beach, with a 75 per cent stake, and Cooper Energy Limited (ASX:COE), which owns the remaining 25 per cent.

Beach CEO Reg Nelson says that oil discoveries such as this are high profit generating and have the potential to grow in size with further drilling.

Beach declared its intention to invest $200 million to advance its Cooper Basin assets in August.
 
The oil and gas producer swung to a net profit of $164 million for fiscal 2012.

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