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Drillsearch Energy Limited (ASX:DLS) Searcy-1 Oil Exploration Well Spuds, Western Flank Oil Fairway
Drillsearch Energy Limited (ASX:DLS) Searcy-1 Oil Exploration Well Spuds, Western Flank Oil Fairway

Sydney, Aug 11, 2011 AEST (ABN Newswire) - Drillsearch Energy Limited (googlechartASX:DLS) (googlechartPINK:DRLLF) is pleased to announce that following its fourth success in the Western Flank Oil Fairway drilling program with the discovery of oil at Bauer-1 that Searcy-1, the fifth well in the five well program spudded at 20:45hrs, Wednesday 10 August 2011. Drillsearch holds a 60% interest in PEL 91 while Beach Energy Limited (googlechartASX:BPT) (googlechartPINK:BEPTF) as operator holds 40%. To date, Drillsearch has drilled four new oil discoveries on the first four oil exploration wells - Hanson-1, Snellings-1, Arno-1 and Bauer-1 as part of the 5-well Western Flank Oil exploration program.

The Searcy-1 oil exploration well is located approximately 8.5km north of the Bauer Oil Discovery and 10.5km north of the Chiton Oil Field. The primary objective of Searcy-1 is the Upper to Mid Birkhead Formation. Birkhead sands, not necessarily at the same stratigraphic level as the sands being targeted at Searcy-1, are oil productive in several structures to the North at Growler, Charo and Snatcher oil fields. The Poolowanna Formation is considered a secondary target for oil and has been proven at the Sellicks oilfield. Drilling will be to a total depth of 1959mRT and it is expected that the drilling will take 10-14 days.

Seismic mapping of horizon and amplitudes at the Upper-Mid Birkhead contains a calculated gross rock volume of 18.6km2/m. Searcy-1 is estimated to have P10 High-side Recoverable Prospective Resource potential of up to 2.2 million barrels of oil in the Upper to Mid Birkhead Sandstones (see table below).
--------------------------------------------------Searcy-1 Estimated Gross Prospective Resources--------------------------------------------------                Best (P50)    Mean      High (P10)--------------------------------------------------Intra-Birkhead   800,000    1,100,000   2,200,000Recoverable Oil (bbls)--------------------------------------------------
Details of the Searcy Prospect are set out in the attached Prospect Data Sheet and accompanying maps and seismic sections.(see link: http://media.abnnewswire.net/media/en/docs/ASX-DLS-643898.pdf)

Searcy-1 will be drilled as a conventional vertical well with wireline logging and possible testing planned after the well reaches total depth. The primary target zone in the Upper to Mid Birkhead Sandstone is expected to be penetrated five to seven days after spud.


Brad Lingo
Managing Director
Tel: +61-2-9241-4440

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