Beach Energy Limited (ASX:BPT) has reported delivery of the first Namur oil discovery at the Martlet-1 exploration well in South Australia.
The company says drilling intersected 6 metres of net oil at a depth of almost 1,500 metres.
The oil and gas explorer has a 40 per cent share in the well with Senex Energy Limited
(ASX:SXY) holding the other 60 per cent.
Director Reg Nelson says the discovery vindicates Beach’s acquisition of Impress Energy and demonstrates the strength of Beach’s oil business in the Western Flank of the Cooper Basin.
Beach Energy reported a net profit of $102 million in the 2014 financial year.
