Cooper told the market today that the Parsons prospect was matured for drilling following interpretation of the regional 3D seismic survey that was acquired in the permit earlier this year.

The prospect is about 9km west-northwest of the Christies oil field and 8km west-southwest of the Callawonga oil field.

Drilling will primarily target the Namur, Birkhead and the Hutton formations, all of which are productive reservoirs at Christies.

Recoverable reserves have been calculated at 500,000 barrels in the Namur reservoir and 400,000bbl at the Birkhead-Hutton level, at the P50 level of confidence.

Secondary targets are the Poolowanna, Merrimelia and Kalladeina formations.

Beach holds a 75% stake in PEL 92, while Cooper has 25%.