Drillsearch Energy Limited Quarterly Report December 2009
Drillsearch Energy Limited Quarterly Report December 2009 Highlights Revenue of 1.72m for the quarter, down 30% on the previous quarter. Production of 42,124 bbls, down 9% on the previous quarter. Cash position remains strong at…
Production and Revenue Australian oil production for the December quarter was 26,167 bbls, which was 14% below the prior quarter. This was primarily due to the ongoing decline of existing fields. However, in future periods this trend…
Development and Exploration Development of Chiton Oil Discovery (PEL 91) (60% Drillsearch) Following the discovery of the Chiton Oil Field in August 2009, the Chiton-1 discovery well was completed for production. After perforation of…
Major new Cooper Basin Exploration Permit On 9 December 2009, Drillsearch Energy announced that it had been awarded a major new exploration permit by the Government of South Australia, being PELA 513 (previously referred to as CO-2009…
Confirmation of Significant Western Cooper Basin Prospective Resource Potential During the December 2009 quarter, Drillsearch received the results of an independent review of the resource potential of the Western Cooper…
Multiple Drilling Successes at the Tintaburra Block Drillsearch achieved In November 2009, Drillsearch achieved drilling success at both the Ipundu-16 drilling success at both and Ipundu North-13 development wells in the Tintaburra…
Corporate Board Appointments On 6 October 2009, Drillsearchs Chairman Jim McKerlie announced the appointment of two additional Non-Executive Directors, Fiona Robertson and Ross Wecker, to the Companys Board. The appointments support…
Notice of ceasing to be a substantial Shareholder Having spent much of 2009 successfully defending itself against the hostile takeover bid launched by Beach Petroleum on 5 May 2009, the Company was advised by Beach that it ceased to…
Exciting Prospects Lie Ahead New Oil Business The Company will advance its exploration efforts in the Western Flank Oil Fairway in PEL 91 through accelerating drilling activity and expanding the existing 3D seismic coverage. The…
The Company is also preparing new drilling locations in PEL 106 targeting six of the 21 prospects covered by the GCA Report. Subject to joint venture approval and the results of the GCA screening study, it is the Companys intention to…
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