Umiat Oil Field v2
2P RESERVES ADJACENT TO PROJECT PEREGRINE WITH LARGE DEVELOPMENT POTENTIAL
Operator with 100% working interest
- In combination with Project Peregrine, has potential for a large oil field development
- Recently completed AVO work (McColgan, 2022) indicates upside potential as well as better, apparent trap definition / resolution
- Studies of historical development plans have identified potential cost savings on planned development CAPEX
- Opportunity exists for the optimisation of historic development plans
- Investigation of new lightweight low-cost rig for future appraisal well
- Acquired in 2021
- Historic oil discovery made in 1945 in shallow Brookian (Nanushuk) sandstones, located immediately adjacent to southern boundary of Project Peregrine
- The Umiat-23H well was flow tested in 2014 at a sustained rate of 200BOPD with no water by Linc Energy (max rate 800BOPD)
- Final condition relating to the acquisition of Umiat was completed in Q2 2021 with the P&A of two historical wells at the field.
- Refer ASX release dated 11 January 2021 for full details regarding pricing assumptions and ASX Reserves & Reporting notes
- 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.
- This information was prepared and first disclosed under the SPE-PRMS 2007. It has not been updated since to comply with the SPE-PRMS 2018 on the basis that the information has not materially changed since it was last reported.
“ We are thrilled with the results from the Merlin exploration well, with light oil detected in the Nanushuk across three separate horizons ”
Ashley Gilbert, Managing Director