Project Profile
Value: Undisclosed
Location: PEP 167, Otway Basin
Area: 833 sq km
Start-up Year: -
Exploration permit PEP 167 is located in the onshore Otway Basin, near Portland, in western Victoria. The permit comprises some 833 sq km. PEP 167 contains discovery wells at the 1987 Windermere-1 oil well and at the 2002 Port Fairy-1 oil and gas discovery well. The adjacent PEP 150 permit also contains an oil discovery at the Lindon-1 and 2 wells. More generally, there have been numerous hydrocarbon shows and recoveries in this area of the Otway Basin, often in wells that may have failed to intersect valid structural closures due to sparse and poor quality seismic data. These existing oil and gas discoveries demonstrate an active petroleum system with the potential to charge economic accumulations.
Windermere-1 produced 32 barrels of oil from an open-hole test. BAS\'s review indicates that there is good potential to achieve commercial flow rates at Windermere, particularly given careful well design, modern drilling techniques and potentially employing fracture stimulation or horizontal drilling. The economics of any oil production that may be established in this area are favourable, with good access and relatively short transport distance to the Geelong refinery. BAS recorded of a 3D seismic survey over the area of the Windermere-1 well and surrounding leads in the first half of 2010. The survey has been processed and interpreted and BAS has proposed the drilling of an exploration well, Windermere-3, as a follow-up to the Windermere oil discovery. BAS has 100% interest after Interra Resources famed out 50% interest in April 2012.
Operators:
Lakes Oil : Operator with 100% interest