Chiton Oil Field Production Recommences / Canunda Production and Extended Production Testing Restart Imminent
Drillsearch Energy Ltd (ASX: DLS) is pleased to announce that production at the Chiton
Oil Field located in PEL 91 on the Western Flank Oil Fairway has recommenced, as
receding floodwaters allow better access to the site. Production had been suspended
since early February this year.
The Chiton Oil Field is the first commercial oil discovery in PEL 91 and is owned by Drillsearch (60%) and Beach Energy Ltd (40% and operator). Chiton is a significant project for Drillsearch and could potentially increase the Company's annual oil production by over 100% and contribute materially to cash flow in the near term.
Drillsearch would also like to announce that it has been advised by the operator, Beach Energy Ltd (ASX: BPT) that operations continue on the rain effected extended production testing on the Canunda Wet Gas/Liquids Discovery in PEL 106B in the South Australian Western Cooper Basin.
The Canunda Wet Gas/Liquids Discovery and PEL 106B is owned by DLS
(50%) and BPT (50%) as operator.
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