Beach Operated Offshore South East Australia Program
Fermat-1, located in offshore Otway Basin Permit Vic/P46, spudded on 13 December and is currently at a depth of 999 metres and pulling out of hole at 13.375" casing point. The well is targeting total mean potential gas resources of approximately 1 TCF in Waarre Formation and Flaxman Formation sands on the north eastern flank of the Normanby High. Interests in Fermat-1 are Beach Petroleum Ltd, 50.00%, Essential Petroleum Resources Ltd, 25.00% and Mitsui E&P Australia Pty Ltd, 25.00%.
EPR Price at posting:
3.1¢ Sentiment: ST Buy Disclosure: Held
