The well has been plugged and abandoned, as it was failed to define a commercial hydrocarbon accumulation.
Beach has agreed to fully fund the drilling of two exploration wells, and the acquisition of 300km² of new 3D seismic in Tookoonooka up to a total maximum value of AUD$11.5m, under the terms of joint venture established with Bengal.
The seismic acquisition, which is currently ongoing, is expected to continue through the end of January 2014, while Bengal will provide updates on the 3D seismic process and selection of the second drilling location in the second calendar quarter of 2014.
Bengal Energy president and CEO Chayan Chakrabarty said the company remains very optimistic about the potential of Tookoonooka block.
"Our JV allows us to further advance evaluation at Tookoonooka while minimizing risk and maintaining our balance sheet strength," Chakrabarty added.
Image: Beach Energy has completed drilling operations of Tangalooma-1exploration well in Tookoonooka block, Cooper Basin. Photo: Courtesy of suwatpo/ FreeDigitalPhotos.net.
