Beach Energy Reports Positive Results from Shale Gas Exploration
Shares in Beach Energy rose after it reported positive results from its shale gas exploration program in the Cooper Basin.
Beach said drilling at its Encounter-1 well, the first of a two well shale gas exploration program, had penetrated the Roseneath-Epsilon-Murteree shale formations, which proved significantly thicker than expected.
"Good gas shows were encountered throughout this section and initial log interpretation suggests continuous gas saturation with no evidence of water through and into the underlying Patchawarra Formation," it said.
"This is a best-case scenario for (forthcoming) fracture stimulation."
The well is 90 per cent held by Beach while Adelaide Energy Ltd has the remaining 10 per cent.
Source: Sydney Morning Herald