Beach Operated Offshore Program - South East Australia The West Triton jack-up rig was unable to successfully jack up at the Spikey Beach-1 well location and the decision has been made to move the rig to the Fermat-1 location. Fermat-1 (Vic/P46, offshore Otway Basin), is the third of Beach Petroleum's planned three well offshore program. Beach, as Operator is currently considering options for a return to Spikey Beach-1 after Fermat-1. Interests in Fermat-1 are Beach Petroleum (50.00%), Mitsui E&P Australia Pty Ltd (25.00%) and Essential Petroleum Resources Ltd (25.0%).
Good luck all...about time one of these offshore drills came good.
EPR Price at posting:
3.2¢ Sentiment: Buy Disclosure: Held
