Umiat Oil Field v2


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.
  1. Refer ASX release dated 11 January 2021 for full details regarding pricing assumptions and ASX Reserves & Reporting notes
  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.
  3. 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

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Subiaco WA 6008

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