Spudded yesterday, the well is targeting the Murta Formation, and Namur and Hutton Sandstone, which have been proven to be oil-prone in the area.
The Namur Sandstone has a mean resource of 650,000 barrels of oil with an upside of 5.7 million barrels oil.
Coolangatta-1 will test the potential of the Jurassic interval within a simple anticlinal closure about 18km northeast of Munro Field, 12.5km southeast of Wills East-1, 16.5km southwest of Phi North-1 and 14km south of Tickalara Field.
The well in ATP 633P is planned to reach a depth of 1387m.
The well was identified by the 2007 Gukithi 2D seismic survey.
Beach is operator with 85% while Strike Oil has a 15% interest in the venture.
