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|Project Name:||Australia WA-503-P|
|Ownership:||80% Working Interest (Operator)|
Pilot Energy holds an 80% working interest, as Operator, in exploration permit WA-503-P.
The block is located offshore Western Australia within the Dampier Sub-basin, inboard of the giant Northwest Shelf complex and on trend with numerous oil and gas discoveries, including the Legendre and Hurricane fields. The shallow water depth across the block (maximum 70 metres) allows for drilling by lower cost “jack up” drilling rigs.
The WA-503-P exploration permit carries a three-year primary term that includes a commitment to acquire 80km2 of new “Broadband” 3D seismic data and complete various geological and geophysical studies.
The primary exploration focus in WA-503-P is the Lower Cretaceous to Upper Jurassic sandstone reservoirs within the oil rich Legendre Trend, situated along the eastern flank of the Lewis Trough. Existing exploration wells within and adjacent to the block confirm the presence of a working oil system, having encountered oil shows and, in one case, a 4 metre oil column. The decommissioned Legendre field is situated some 20 km to the northeast of the block, and produced over 40 MMbbl of oil from excellent quality sandstone reservoirs. The most recent discovery in the area, Hurricane, is believed to contain over 100 MMbbl of oil in place (plus associated gas and condensate) within a structural/stratigraphic combination trap. This is one of the play types being targeted by Pilot Energy, which has already identified three exploration prospects based on existing 3D seismic data.