Beach Energy (ASX:BPT) has discovered gas at the Artisan 1 well located off the Victorian coast, the Market Herald reported.

The company drilled the well at a depth of 2,205 meters where it encountered a gross gas column of 69.5 meters with a net gas pay of 62.9 meters and a gas-water contact found at 1,990 meters measured depth.

Beach Energy’s Managing Director and CEO, Matt Kay stated that “while the Artisan discovery is at the lower end of pre-drill expectations, it is being cased as a future producer.” 

The well is now being cased and suspended as a future producer, with the option to tie into the offshore pipeline later. After casing operations are completed, the rig will move to the Geographe field to begin further in-field development wells

he rig will continue to the Thylacine field for an additional four in-field wells. First gas from the new wells within the Geographe field is expected to begin in the fiscal year (FY) 2022.