Located 10km south-west of the Kenmore oilfield, the well is 850m north-east of the Glenvale-1 oil well.
It is on a large, elongated anticline that is part of a prominent north-westerly structural ridge that extends more than 50km into the deeper, central part of the basin.
Drilled in 1985, Glenvale-1 discovered oil in the Westbourne Formation, and has been producing intermittently at rates of up to 100 bopd, Beach said.
Coolum-1 will test a closure up-dip of Glenvale-1. It is expected to reach its planned total depth of 1,465 metres late next week.
This is the fifth well in the current six-well program being undertaken by Beach Petroleum in the Bodalla Block and ATP 269P.
The company has had a high strike rate, with the previous four wells in this program set to become oil producers.
Joint Venture participants in the Coolum-1 well are Beach Petroleum Ltd (operator) 46.95%, Inland Oil Production 20%, Entek Energy Ltd 28.15% and Gidgealpa Oil 4.90%.
