SHARES in Adelaide-based Beach Petroleum surged 8 per cent due to recently found oil in exploration well.
Its shares closed 3c stronger at 40.5c. The stock has climbed 32 per cent since July 1, when it traded at 30.6c.
For the first time experts thought that Maslins – 1 well wouldn’t be effective because of the lack of oil but recent development showed perspective results.
Last month the company discovered oil at its Sellicks-1 well west of Moomba.
It’s too early to predict but company’s representatives established that there has been some oil generation in that area. The oil was found in a secondary target area 1087m below the surface.
Beach expects to reach its primary target area, which is 1145m underground, today. Who knows maybe the Cooper Basin will bit the world standard of “1 form 10” and its own “1 from 6” and knock 4 out of 4.