CONDENSATE DISCOVERY WITH FUTURE EXPLORATION TARGETS
Operator |Â ~75% WI
1,111 MMBO Unrisked net mean prospective oil resources1,2
- Charlie-1 well confirmed large condensate discovery in the Torok formation in both Middle Stellar and Lower Stellar targets
- Charlie-1 discovery well drilled in 2020 recovered hydrocarbons during wireline operations with an API gravity between high-40 to low-50 (Torok formation)
- Petrophysical interpretation indicated hydrocarbon pay in both Torok and Seabee
- Unsuccessful attempt was made to take a sample from the Lower Lima target;
– Unsuccessful due to insufficient reservoir quality
– Targets were not intersected optimally, there is good potential for higher quality reservoir at a different location
- Targeting a follow-up appraisal well in future years post any successful flow test in Project Phoenix
- Lima Complex Prospect, Seabee Formation, is the same play type (but slightly older) and expected oil type as the Basin Floor Fan in Project Phoenix
| PROSPECTIVE OIL RESOURCE (UNRISKED) | MMBO | ||||
| Prospects | Formation | Low (1U) | Best (2U) | High (3U) | Mean |
| Lima Complex | Seabee | 134 | 613 | 1756 | 889 |
| Stellar Fan 1-6 | Torok | 49 | 155 | 452 | 222 |
| TOTAL PROSPECTIVE OIL RESOURCE | 1,1111 | ||||
|---|---|---|---|---|---|
1. Net Entitlement to 88E. Refer ASX release dated 10 November 2020 for full details with respect to the Prospective Resource estimate, associated risking and Cautionary Statement below.
2. Cautionary Statement: The estimated quantities of petroleum that may be potentially recovered by the application of a future development project relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration, appraisal and evaluation are required to determine the existence of a significant quantity of potentially movable hydrocarbons.
