WHL final seismic evaluation identifies Prospective Resource
THE ROADHOUSE BOWSER: WHL Energy (ASX: WHN) has reported a portfolio of some 14 prospects with total best estimate Prospective Resources of 1,044 Bcf of gas and 31.2 million barrels (MMbbls) of condensate and LPGs.
The portfolio has been mapped on the fully-processed volume of the La Bella 3D Seismic Survey, which was acquired during November/December 2013 in the VIC/P67 exploration permit (WHN: 40 per cent Operator) in the offshore Otway Basin, Victoria, in which AWE Ltd’s, subsidiary Peedamullah Petroleum also holds 60 per cent equity.
WHL said a group of four prospects (Mylius, Mylius West, Ferrier and Ferrier South) has been mapped on the Ferrier Terrace immediately west of the La Bella Field the company considers to be characterised by stacked structurally conforming amplitude anomalies.
The company said these prospects have low geological risk and Best Estimate Prospective Resources for these features total 196 Bcf sales gas and 6.2 MMbbls of condensate and LPG, in addition to the La Bella discovery, with a 2C Contingent Resource of 74 Bcf sales gas and 2.4 MMbbls of condensate and LPG.
WHL emphasised these low risk prospects – in combination with the La Bella field – could form a core gas development in VIC/P67 with successful exploration drilling.
A full interpretation of the final Pre-Stack Time Migration volume has also been carried out, which WHL said had highlighted exploration upside within the permit.
A further range of prospects have been mapped and Best Estimate Prospective Resources for these features total 665 Bcf sales gas and 19.8 MMbbls of condensate and LPG.
WHL said successful exploration drilling of key prospects could result in sufficient resource volume to support a standalone VIC/P67 project development.
“The results of the La Bella 3D seismic survey have exceeded our expectations and it is exciting for our shareholders that the broader VIC/P67 project now has the potential for a standalone gas development,”WHL Energy managing director David Rowbottam said in the company’s announcement to the Australian Securities Exchange.
“VIC/P67 lies adjacent to the existing Otway Basin gas development projects and successful exploration of the low risk amplitude supported prospects in combination with La Bella could form the basis of a VIC/P67 development through this existing infrastructure.
“Alternatively, the results seen in the final Pre-Stack Time Migration volume indicate that potential success with the higher upside but moderate risk prospects may yield sufficient resources to justify a standalone VIC/P67 gas development.
“The company continues to note the strong demand for domestic gas on the east coast of Australia and believes the conventional VIC/P67 Prospective Resources may provide a cost competitive gas supply to these markets.
“The investment in the VIC/P67 3D seismic data has enabled greater geological definition of the permit and unlocked a range of exploration prospects.
“The potential resources in VIC/P67 could play an instrumental role in providing a long-term gas supply from the Otway Basin to the east coast Australian gas markets.
“WHL Energy is now working closely with our JV partners in the drive to prioritise and mature two prospects for drilling in 2015, this being the next step in the path to commercialisation for VIC/P67.”
Email: contact@whlenergy.com
Website: www.whlenergy.com