Project Profile
Total Well Cost: Estimated at US$11.49 million (AUD 15.47 million)
Location: Carnarvon Basin, offshore Western Australia
Exploration Start-up: 2016
The WA-320-P permit is an exploration permit located in the Carnarvon Basin, offshore Western Australia. The Palmerston prospect straddles WA-320-P exploration permit. Palmerston is a Triassic fault block with structural similarity to the Zola structure. During the first half of 2013, Tap Oil farmed out a portion of its interest WA-320-P to JX Nippon Oil and Gas Exploration (Australia) Pty Ltd. Tap farmed out 10% of its interest in WA-320-P in exchange for a 5% carry on the Palmerston-1 well (up to a total well cost of US$70 million). Tap retains 9.778% equity in WA-320-P. The farm-out had been approved and registered by the government.
A commitment well is due in WA-320-P by the fourth quarter 2016. After extensive technical evaluation and engagement with the regulator, Quadrant Energy (formerly Apache) has decided the Driftwood-1 well as the year 3 commitment well in WA-320-P, replacing the previously proposed Palmerston-1 well. The Driftwood-1 commitment well is located in WA-320-P in the Barrow sub-basin of the Northern Carnarvon Basin, offshore Western Australia, approximately 1km north of the Rosily-1A exploration well which had minor oil shows. The total well cost is estimated at US$11.49 million (AUD 15.47 million), which is well below the estimated cost for Palmerston-1 of US$72.92 (AUD 98.2 million). The jackup Noble Tom Prosser (400\' ILC) is scheduled to commence drilling the Driftwood-1 commitment well on 1 Aug. 2016, with the objective of testing the Early Cretaceous sandstones of the Mardie Greensand Member, Birdrong Member and Zeepaard Formation in a low-relief, northeast-southwest trending four-way dip closure.
Operators:
Tap Oil Limited: 9.778% interest
Quadrant Energy: 40.665% interest
OMV: 39.557% interest
JX Nippon Oil & Gas: 10% interest