Great RNS7 Mar 2019 13:36
Highlights
- 2019 four well drilling campaign: Heron, Gazelle, Red Deer (all Block XX) and a further exploration well in Block V, or appraisal of a Block XX discovery
- Heron
o Heron 1 well planned as first well of 2019 campaign, with spudding targeted for Q2 2019
o More than 50% resource uplift at Heron Prospect to 25 MMbo from 16 MMbo following mapping of reprocessed 2D seismic
o Analysis indicates the Heron Prospect is the southerly extension of a proven oil-bearing structure drilled in Petro China's adjacent Block XIX
- Gazelle high-graded to second Block XX well as new mapping shows it to be directly up dip of a Petro China discovery well on the same migration path
- Red Deer Prospect location remains unchanged, targeting 48 MMbo of mean prospective recoverable resource
- Heron, Gazelle and Red Deer environmental permits for drilling approved and CSR teams mobilised to well sites
- Regulatory approval received for two-rig strategy for limited additional cost to allow for simultaneous drilling of prospects - negotiations with rig contractors nearing finalisation
- Applications for Block IV and V PSCs being prepared for two-year extensions, with submission expected shortly
- Ongoing analysis of Snow Leopard 1 well, Block V, has significantly enhanced the prospectivity of the Block and in particular the Raptor trend