Bharat Petroleum: Encouraging Results in Australian Shale Gas Block

Bharat Petroleum Corporation announced that Bharat Petro Resources, a wholly owned subsidiary of the company has announced that the operator, Norwest Energy NL (Australia) has informed that the results of hydraulic fracturing and flowback from the well `Arrowsmith 2` in the block EP413 in Perth basin, Australia are very encouraging.

The well was fractured in five zones and all the five zones showed presence of hydrocarbon. As a proof of concept well, `Arrowsmith 2` has delivered positive results in all zones from the bottom of hole, upwards: Gas flows from the tight sands in the High Cliff Sandstone from the Irwin River Coal Measures and the lower and middle Carynginia shales, culminating with both oil and gas flows in Kockatea shale.

BPRL holds 27.803% participating interest (PI) in the block. The other joint venture partners in the block are Norwest Energy NL (operator) with PI 27.945% and AWE (via subsidiary of Arc Energy) with PI 44.252%. The consortium will continue operations in the block based on the positive results from the well and carry out further evaluation including estimation of contingent reserves. Shares of the company gained Rs 6.5, or 1.91%, to settle at Rs 346.80. The total volume of shares traded was 42,268 at the BSE.

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LNG World News Staff, September 05, 2012; Image: Norwest Energy