Project Profile
Location: within the Dampier Sub-basin, inboard of Northwest Shelf gas field complex, offshore Western Australia
Reserves: 100 million barrels oil in place
Water Depth: 50 - 70 m
WA-503-P offshore petroleum exploration permit was awarded in the 2013 Australian Offshore Petroleum Exploration Acreage Gazettal. Block WA-503-P is located offshore Western Australia within the Dampier Sub-basin, inboard of the giant Northwest Shelf gas field complex and on trend with numerous oil and gas discoveries, including the Legendre and Hurricane fields.
Two wells have been drilled within WA-503-P to date, with the Janus-1 well confirming the presence of a working oil system within the block, having discovered a 4-metre oil column. The Hoss-1 well, located immediately to the northeast of the block, encountered encouraging oil shows. The primary exploration focus in WA-503-P will be the hydrocarbon potential of Lower Cretaceous to Upper Jurassic basin margin fan deposits within the oil rich Legendre Trend, situated along the eastern flank of the Lewis Trough. The Legendre field (now decommissioned) is located approximately 20 kilometres to the northeast, and produced over 40 million barrels of oil from excellent quality reservoirs that yielded a superior oil recovery rate of over 50 percent.
The most recent discovery in the area, Hurricane, is believed to contain over 100 million barrels of oil in place (plus associated gas and condensate) within a subtle structural/stratigraphic combination trap. This is one of the play types being targeted by Neon Energy in WA-503-P. The Company has already identified four exploration leads based on existing 3D seismic data, the largest of which has potential for over 100 million barrels oil in place within a series of stacked sandstone reservoirs. Block WA-503-P is awarded with a six-year term. The initial three-year primary term includes a work commitment to license 80 square kilometres of new “Broadband” 3D seismic data and complete various geological and geophysical studies. Neon anticipates that the new seismic data will be acquired by early 2015. The secondary term is optional and includes an associated commitment to drill one exploration well.
Operators:
Pilot Energy (previously named Rampant Energy): Operator with 80% interest
Neon Energy Limited: 20% interest
Contractors:
CGG Services: Contract for licensing of 200 km2 of new broadband 3D seismic data over the WA-503-P offshore petroleum exploration permit