- Oil and gas company Beach Energy (BPT) has seen disappointing results from the Ironbark-1 exploration well in offshore Western Australia
- The well was drilled to a total depth of 5618 metres and no significant hydrocarbon was found
- Due to these results, the exploration well will be plugged and abandoned, in line with the pre-drill planning
- Ironbark was a joint venture project with BP Developments Australia, Cue Energy (CUE), Beach Energy and New Zealand Oil & Gas (NZO)
- On the market this afternoon, Beach Energy is down 5.23 per cent and trading at $1.77 per share
Oil and gas company Beach Energy (BPT) has seen disappointing results from the Ironbark-1 exploration well in offshore Western Australia.
The well was drilled to a total depth of 5618 metres, intersecting the Mungarpp Formation target at 5275 metres. However, there was no significant hydrocarbon shown.
Due to these results, the exploration well will be plugged and abandoned, in line with the pre-drill planning.
Ironbark was a joint venture project with BP Developments Australia, Cue Energy (CUE), Beach Energy and New Zealand Oil & Gas (NZO).
New Zealand Oil and Gas CEO, Andrew Jefferies, says the results are disappointing for everyone.
“Ironbark was a world-scale prospect in a highly prospective address, and it needed drilling. We got an answer, but it was not the one we wanted,” he told the market.
“While the operations are not over yet, I’d like to acknowledge the operator BP for their safe and professional operations throughout the drilling of the well, as well as our joint venture (JV) partners and our shareholders for their continuing support
Drilling at Ironbark began on October 31.
On the market this afternoon, Beach Energy is down 5.23 per cent and trading at $1.77 per share.