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Project Name: EP416/480
Location: Perth Basin
Ownership: 60% Working Interest (Operator)
Acreage Position: 2,310 km2

Pilot Energy holds a 60% working interest, as Operator, in exploration permits EP 416 and EP 480, located within the southern Perth Basin.

The onshore Perth Basin is a proven hydrocarbon province that has been the subject of significant industry interest since the recent Waitsia gas/condensate discovery by AWE Limited. The basin is generally prospective for gas (with some oil and condensate) and is well served by gas distribution infrastructure, with the Dampier to Bunbury gas pipeline running almost the full extent of the basin (and directly across EP416 and EP480).

Exploration of the basin to date has been primarily focused to the north, with the southern portion having only been lightly explored. However, the limited drilling that has occurred in this part of the basin does confirm the presence of geological formations that comprise the hydrocarbon play to the north, with mature gas-prone source rocks underlying clastic reservoir formations.

Importantly for the Joint Venture there is high demand for new sources of domestic gas and energy within the area of EP416 and EP480, with industries such as minerals extraction and refining operating nearby.

EP416 and EP480 are contiguous permits located in the southern part of the onshore Perth Basin, on the coast of Western Australia between the towns of Mandurah and Bunbury.

The permits cover a combined area of 2,310 km2, and have been only lightly explored. Only three wells have been drilled within the permits, two of which were drilled in the 1960’s. A more recent well, drilled in 2012 as part of a carbon geosequestration study program, confirms the presence of good quality sandstone reservoir intervals.

The primary reservoir target is the Permian Sue Sandstone, with a secondary target in the overlying Lesueur Sandstones. It is expected that these reservoirs will be sourced by gas generated from coal measures within the Sue Formation. Existing 2D seismic data confirms the presence of the large Leschenault structural prospect across the permits, with over 200km2 of closure mapped at the Sue Sandstone reservoir level.

EP416 & EP480 Location Map

The joint venture interests in EP 416/EP 480 are as follows:

Pilot Energy Ltd

60.0% (Operator)

Energy Resources Ltd