RE: Pilot energy permit!27 May 2020 00:19
Key Petroleum also seem to be happy the permit is done.
WA-481-P is situated in the proven hydrocarbon province of the offshore North Perth Basin. The permit covers an area of 17,457 km2 in water depths mostly within 5 – 200 m.
EXPLORATION POTENTIALIt contains the single largest Australian offshore exploration area within water depths less than 200 m with the size of the permit itself regarded as being larger than the most prospective area in the onshore Perth Basin.A highlight of the area is that it includes the Dunsborough oil and gas discovery, and gas discoveries at Frankland and Perseverance.It is also directly adjacent to the producing Cliff Head oil field with 9 mm bbls produced to 31 December 2009 (Department of Mines and Petroleum, 2010), all of which provide strong evidence of a working petroleum system.The recovery of oil at Xanadu-1 is significant as it appears to validate the interpreted oil migration pathways from the known oil sources of the Kockatea Shale and the IRCM in the Abrolhos Sub-Basin in the central portion of the Permit.Oil from the source kitchen is interpreted to have migrated up-dip through the southern portion of WA-481-P into the Cliff Head and Xanadu structures located in the adjacent permit to the east.Markets for oil exist at the Kwinana Refinery, 5 hours by truck south of the Arrowsmith processing facility that handles the Cliff Head produced crude.Markets for gas are in the form of long term supply contracts to meet Western Australia's growing energy needs that can be tied back into the Dampier Bunbury Pipeline Gas Pipeline to meet a number of customersKey believes the permit contains proven play fairways with numerous untested leads and prospects as well as appraisal opportunities of known discoveries.A Geoscience Australia study over the area several years ago highlighted the regionally extensive source rocks, which have good to excellent potential for generating oil.While the majority of hydrocarbon resources in the Perth Basin have been found in the Late Permian clastic sequences, recent Early Permian discoveries onshore are shaping up to be some of the largest gas resources discovered in the last 50 years.
Are we there yet?
Sign In
Follow the stocks
