Project Profile
Value: US$4.2 million
Location: Penola Trough, The Otway Basin, South Australia
Reserves: 30 Billion Cubic Feet of gas
The Otway Basin has some fifteen producing gas-condensate fields, both offshore and onshore. All the onshore fields are situated in the Penola Trough, within which the Nangwarry Prospect is also situated. Kea will earn 50% of the Otway Basin Petroleum Exploration License PEL 155 through the drilling of the Nangwarry-1 well. A Best Estimate size of 30 BCF of gas and an associated quarter million barrels of condensate, with an exploration Chance of Success of 1:5 has been calculated for this target in a recent Competent Person\'s Report compiled by MBA Petroleum Consultants, of Australia.
The target reservoirs are sands within the Pretty Hill Formation, which form the producing reservoir at the Ladbrooke Grove and Katnook gas fields, approximately 10 km from Nangwarry. Nangwarry is similarly a fault bounded trap, with the sands at a depth near 3000m being sealed by thick mudstones of the Laira Formation. Should there be a success at Nangwarry, it is considered probable that similar targets will be identified by extending the 3D seismic coverage.
Following discovery, a 10km pipeline link in easy ground can tie the gas into an interstate pipeline infrastructure, in a regionally growing gas market; as well as to a nearby gas fired power station which is a ready, high value market for gas.
Operator:
Rawson Otway Energy Pty Ltd: 100% interest