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|Project Name:||Australia WA-507-P|
|Location:||Northwest Shelf of Australia.|
|Ownership:||80% Working Interest (Operator)|
|Acreage Position:||1,622 km2 over the Exmouth Plateau|
Pilot Energy holds an 80% working interest, as Operator, in exploration permit WA-507-P, located within the prolific Northern Carnarvon Basin off the Northwest Shelf of Australia.
WA-507-P covers an area of 1,622 km2 over the Exmouth Plateau, some 300 km offshore Western Australia, in water depths of 1000 to 1500 metres. The area is covered by an existing, high quality 3D seismic dataset, which reveals the presence of a number of large structures, ranging from 27 km2 to 121 km2 in area (on-block area). These structures have potential to contain significant quantities of gas and condensate in the Triassic Mungaroo reservoir. Similar Mungaroo structural traps contain much of the gas condensate discovered to date on the Northwest Shelf. The block is located in the outboard part of the Mungaroo delta system, where the reservoir is likely to be thick and the interbeddedshalesare thought to have been deposited in a more marine environment, giving potential for oil to be trapped in the structure.
The WA-507-P permit carries a firm commitment to conduct three years of geological and geophysical studies, and license the existing 3D seismic data (completed). A discretionary well is required to be drilled in or before year 6. Pilot Energy anticipates significant exploration drilling activity in neighbouring licensed permits ahead of the contingent well. An adjacent permit (WA-506-P) has been awarded to Statoil ASA, with a commitment to acquire 2,000 km of new 2D seismic data and a 3,500 km2 3D seismic survey. This is a firm commitment of $50 million expenditure over the first 3 years, with drilling and seismic in years 4 to 6 totaling a further $215 million. This significant investment by Statoil reflects well on the prospectivity of this part of the Exmouth Plateau.