Drillsearch holds a 60% interest in the PEL 91 JV while Beach Energy as operator of the JV holds remaining stake.
The primary target of the Searcy-1 well was a potential oil accumulation in a Birkhead Channel in upper Birkhead Formation sands.
The PEL 91 JV has determined that the Birkhead oil shows encountered at Searcy-1 are not commercial and therefore the well will be plugged and abandoned.
The PEL 91 JV is in the process of agreeing the expansion and continuation of the program with additional exploration, appraisal and development drilling.
In addition the JV is also considering other additional appraisal, development and exploration drilling locations within the existing Modiolus 3D seismic.
The second stage of the expanded drilling program is expected to begin in the December 2011.
The company said following completion of the Searcy-1 drilling operations, the Ensign-18 rig will be released to another operator for a four-well drilling program.
