Beach said the result does not reflect the prospectivity of the remaining wells in the drilling program, nor have any wider impacts on regional prospectivity.
The rig is expected to be released from the Moana location tomorrow and begin moving to the Carrickalinga-1 location in PEL 91, 20km to the northwest. This well is expected to spud on or about Monday, August 4.
Moana-1 was part of an eight well exploration program for 2003 in the South Australian section of the Cooper Basin,
Participants in the PEL 107 joint venture are Beach Petroleum (operator) 40%, Great Artesian Oil and Gas 60%.