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Drillsearch Energy Limited (ASX: DLS) Bauer-1 Oil Exploration Well Spuds

Western Flank Oil Fairway - Bauer-1 Oil Exploration Well Spuds

- Bauer-1 oil exploration well spuds

- Prospective recoverable oil of up to 1.3 million barrels (High)

- Primary target in the Namur with secondary targets in the Birkhead, Hutton and Poolowanna

- Drilling expected to take 10-14 days

Drillsearch Energy Limited (ASX: DLS) is pleased to announce that following its third success in the Western Flank Oil Fairway drilling program with the discovery of oil at Arno-1 that Bauer-1, the fourth well in the five well program spudded at 14:00hrs, Sunday 24 July 2011. Drillsearch holds a 60% interest in PEL 91 while Beach Energy (ASX: BPT) as operator holds 40%. To date, Drillsearch has drilled three new oil discoveries on the first three oil exploration wells ­ Hanson-1, Snellings-1 and Arno-1 as part of the 5-well Western Flank Oil exploration program.

The Bauer-1 oil exploration well is located approximately 5km south of the Arno Oil Discovery and 2.5km north of the Chiton Oil Field (see map above). The primary objective of Bauer-1 is the Namur Sandstone which is oil productive in several structures in PEL 91. The Birkhead Formation, Hutton Sandstone and Poolowanna Formation are considered secondary targets for oil and have been proven at Christies and Sellicks oilfields. Drilling will be to a total depth of 1935mRT and it is expected that the drilling will take 10-14 days.

Seismic mapping of the Namur horizon indicates that the Bauer structure has approximately 9 metres of independent structural relief and potentially encloses an area of 0.8km2 . The Bauer Prospect is estimated to have P10 High-side Recoverable Prospective Resource potential of up to 1.3 million barrels of oil in the Namur Sandstones (see table below).

Bauer-1 Estimated Gross Prospective Resources 
                                                  Best (P50)                 Mean                  High (P10)
NamurRecoverable Oil (bbls)     800,000                     840,000             1,360,000

Details of the Bauer Prospect are set out in the attached Prospect Data Sheet and accompanying maps and seismic sections.

Bauer-1 will be drilled as a conventional vertical well with wireline logging and possible testing planned after the well reaches total depth. The primary target zone in the Namur Sandstone is expected to be penetrated five to seven days after spud,
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