Umiat

2P RESERVES ADJACENT TO PROJECT PEREGRINE WITH LARGE DEVELOPMENT POTENTIAL

Operator | ~100% WI

94 MMBO 2P Net Reserves to 88E Revenue Entitlement1,2,3,4

  • 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.
  • 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.

 

RESERVES (BARRELS OF OIL; ‘000)1,4
ClassificationGrossNet1,2
Proven reserves (1P)3
Proven reserves (2P)123,69294,007
Possible reserves (3P)57,15643,439

1. Refer ASX release dated 11 January 2021 for further detail in relation to pricing assumptions and ASX Reserves and Resources 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. No 1P reserves net estimated currently as there is no plan of development in place that includes all of the necessary approvals required to enter into production.

4. 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.

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Ground Floor, 516 Hay Street
Subiaco WA 6008
AUSTRALIA

Tel: +61 (0)8 9485 0990
Fax: +61 (0)8 9321 8990

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