Beach Energy has discovered a 6m oil column at the Parsons-5 well, located in the Parsons field at PEL 92, Cooper Basin, Australia.
The oil was encountered in Parsons-5 well's Namur Sandstone reservoir, and was consistent with pre-drill expectations.
On receipt of appropriate data, Beach Energy will announce a firmer reserve assessment.
The preliminary work suggests that well results from the current drilling programme, with continued strong production performance, will result in a reserve increase in excess of 800,000 barrels.
Parsons-5 is expected to be tied in during the second half of the year through the Parsons oil facility.
Beach Energy hold a 75% interest in PEL 92, while the remaining 25% interest is held by Cooper Energy.