April 2011

APPEA 2011
The 2011 editions of the GPinfo Petroleum Permits of Australasia Map and Book will be released at the APPEA Conference which is being held at the Perth Convention & Exhibition Centre from 10th to 13th April ...

2011 Acreage Releases
The following 28 areas are available in the 2011 Federal Offshore Acreage Release ...

Industry Summary
Orion Petroleum Ltd has entered into a Memorandum of Understanding with Energetica Resources to acquire certain assets comprising tenements in the Surat/Bowen Basin, the Otway Basin and south-western NSW ...

Permit Updates and Changes
Santos have elected to exercise their option to proceed to Stage 2 by which, if successfully completed by 06/06/2012, they will have earned 65% in total in PEL 1 and PEL 12 ...
 

APPEA 2011

2011 GPinfo Petroleum Permits of Australasia Map & Book

The 2011 editions of the GPinfo Petroleum Permits of Australasia Map and Book will be released at the APPEA Conference which is being held at the Perth Convention & Exhibition Centre from 10th to 13th April, and will be available for purchase from our map desk which is located in the main concourse near the registration area.

Angela Willett, Dan Haigh and Cynthia Thomas will be attending the conference so please drop by to say hello and while you are there, enter our annual GPinfo brainteaser competition.

The map and book will be available for purchase from our Sydney office after the completion of the conference.  Please click here to access an order form.
 


2011 Acreage Releases

2011 Federal Offshore Acreage Release

The following 28 areas are available in the 2011 Federal Offshore Acreage Release -

Licence           Basin                         Closing Date

AC 11-1
            Bonaparte                    13/10/2011
AC 11-2
            Bonaparte                    13/10/2011
NT 11-1
           Arafura                         12/04/2012
NT 11-2
           Arafura                         12/04/2012
V 11-1
              Otway                          13/10/2011
V 11-2
              Otway                          13/10/2011
V 11-3
              Gippsland                     13/10/2011
V 11-4
              Gippsland                     13/10/2011
V 11-5
              Gippsland                     13/10/2011
V 11-6
              Gippsland                     13/10/2011
W 11-1
             Browse                         13/10/2011
W 11-2             Browse                         12/04/2012
W 11-3
             Browse                         12/04/2012
W 11-4
             Rowley Sub                  12/04/2012
W 11-5
             Rowley Sub                  12/04/2012
W 11-6
             Rowley Sub                  12/04/2012
W 11-7
             Carnarvon                     12/04/2012
W 11-8
             Carnarvon                     12/04/2012
W 11-9
             Carnarvon                     12/04/2012

W 11-10
           Carnarvon                     13/10/2011
W 11-11
           Carnarvon                     13/10/2011
W 11-12
           Carnarvon                     13/10/2011
W 11-13
           Carnarvon                     13/10/2011
W 11-14
           Carnarvon                     13/10/2011
W 11-15
           Carnarvon                     13/10/2011
W 11-16
           Carnarvon                     12/04/2012
W 11-17
           Carnarvon                     12/04/2012
W 11-18
           Perth                            12/04/2012

2011 Queensland Onshore Release

The following 19 areas are available in the 2011 Queensland Onshore Release -

Licence               Basin                      Closing Date

PLR 2011-1-1
       Eromanga                 14/11/2011
PLR 2011-1-2
       Eromanga                 14/11/2011
PLR 2011-1-3
       Eromanga                 14/11/2011
PLR 2011-2-1
       Carpentaria               14/11/2011
PLR 2011-2-10
     Eromanga                 14/11/2011
PLR 2011-2-11
     Eromanga                 14/11/2011
PLR 2011-2-12
     Eromanga                 14/11/2011
PLR 2011-2-13
     Eromanga                 14/11/2011
PLR 2011-2-14
     Eromanga                 14/11/2011
PLR 2011-2-15
     Eromanga                 14/11/2011
PLR 2011-2-16
     Eromanga                 14/11/2011
PLR 2011-2-2
       Carpentaria               14/11/2011
PLR 2011-2-3
       Carpentaria               14/11/2011
PLR 2011-2-4
       Georgina                   14/11/2011
PLR 2011-2-5
       Georgina                   14/11/2011
PLR 2011-2-6
       Georgina                   14/11/2011
PLR 2011-2-7
       Galilee                      14/11/2011
PLR 2011-2-8
       Eromanga                 14/11/2011
PLR 2011-2-9
       Eromanga                 14/11/2011

2011 Victorian Onshore Release

A single area is available in the 2011 Victorian Onshore Release -

Licence              Basin                      Closing Date

VIC/O 11-1
          Otway                       13/10/2011

2011 Western Australian Onshore Release

The following 6 areas are available in the 2011 Western Australian Onshore and Territorial Release -

Licence               Basin                     Closing Date

L 11-1
                  Canning                    06/10/2011
L 11-2
                  Canning                    06/10/2011
L 11-3
                  Canning                    06/10/2011
L 11-4
                  Canning                    06/10/2011
T 11-1
                  Barrow                      06/11/2011
T 11-2
                  Barrow                      06/11/2011


2010 Western Australian Re-release

The following 4 areas from the 2010 gazettal round have been re-released -

Licence               Basin                     Closing Date

L 10-1
                  Canning                    06/10/2011
L 10-4
                  Savory                      06/10/2011
L 10-5
                  Savory                      06/10/2011
T 10-1
                  Perth                        06/11/2011

 


Industry Summary

Company News

Orion Petroleum Ltd has entered into a Memorandum of Understanding with Energetica Resources to acquire certain assets comprising tenements in the Surat/Bowen Basin, the Otway Basin and in south-western New South Wales, in exchange for such number of Orion Petroleum shares and options as may be agreed between the parties, following due diligence to be conducted by each party with respect to the other.  The MOU provides for each Orion Petroleum and Energetica to conduct due diligence for a period of 30 days from the date of the MOU.  Orion’s solicitors are to prepare a first draft of the Sale and Purchase Agreement and accompanying documents.  The MOU also provides for a legally binding exclusivity period of 40 days from the date of the MOU and imposes legally binding confidentiality obligations on both parties.  (Source:  Orion Petroleum announcement, 29/03/2011).

PetroFrontier Corp are pleased to announce that they have entered into an Arrangement Agreement to complete a business combination pursuant to which PetroFrontier will acquire all of the outstanding shares of Texalta.  Pursuant to the terms of the Arrangement Agreement, each Texalta shareholder shall be entitled to receive at their election: (i) C$1.58 cash for each Class A common share of Texalta; (ii) 0.45 of a common share of PetroFrontier for each Texalta Share; or any combination of (i) or (ii) in respect of the Texalta shares held, subject to no more than an aggregate of C$10 million in cash being paid to Texalta shareholders. Subject to receipt of shareholder, court and regulatory approval, the transaction is expected to close in late May 2011.  (Source:  PetroFrontier and Texalta Petroleum announcement, 21/03/2011).

Oil Basins has upgraded the P50 in-place resources at its Cyrano oil field offshore Carnarvon Basin up from about 4.36 mmbbls to 10.13 mmbbls.  Independent reservoir evaluation and economic analysis engineers RPS Energy provided the new figures after examining all data available to reassess the field.  Oil Basins said the resource estimates were just for the Mardi Greensand and Airlie sandstone and did not include any estimate of a possible extension of the nearby Nasutus oil field into R3.  The company added it was now focused on renewing the R3 retention lease before it moved on to defining the Nasutus oil field extension, the assessment of low-cost development options and the potential for improving overall field recovery factors and economics with modern pumping technologies.   (Source:  EnergyNewsPremium, 04/04/2011).

Exoma Energy Ltd is pleased to announce that CNOOC Gas & Power Group has formally advised that the consent of the Chinese Government Authorities has been received for the $50 million farm-in for a 50% interest in Exoma’s five Galilee Basin CSG and shale gas permits.  This approval satisfies the final condition to the farm-in transaction.  The successful completion of the farm-in now allows Exoma to implement its accelerated exploration and drilling program.   Exoma has entered into a contract with Atlas Drilling Co to secure the Atlas Rig 1 for the completion of 10 wells with an option to extend.  (Source:  Exoma Energy announcement, 01/04/2011).

The directors of Red Sky Energy Ltd are pleased to advise the results from the latest independent reserves certification of the company’s acreage in the Clarence-Moreton Basin in northeast NSW.  The updated reserves certification was based on the results of the recently drilled Annvale 1 and Talma 1 wells and has no certified 2P reserves and resulted in a 210% increase in 3P reserves.  The certified reserves on a 100% basis are: PEL 479 probable reserves 17 PJ recoverable and possible reserves of 159 PJ recoverable; PEL 457 possible reserves of 221 PJ recoverable and contingent resources of 629 PJ recoverable.  (Source:  Red Sky Energy announcement, 21/03/2011).

Exoil Ltd advises that the Supreme Court of Victoria has given its consent for the Company to convene meetings of its shareholders and optionholders in order for them to consider the proposed Schemes of Arrangement.  The proposed Schemes were first announced on 07/03/2011.  Under the Schemes, the non-associated shareholders (being all Exoil shareholders other than Mr E.G. Albers and has associates) and all the Exoil optionholders approve the cancellation of their Exoil shares and options, and in return, receive shares and options issued by Moby Oil & Gas Ltd.  The effect of this Scheme will be that, on implementation, Exoil will be wholly-owned by Mr Alberts and has Associates while the non-associated shareholders will case to be Exoil shareholders, but will become Moby shareholders.  Should the Schemes be approved, Exoil will be delisted.  (Source:  Exoil announcement, 04/04/2011).

Development News

Transerv Energy is pleased to advise that its strategy to appraise and develop the potentially lucrative Warro onshore gas project in WA is poised to take a significant step forward with the spudding within days of a key appraisal well, Warro 4.  The drilling is scheduled to start around 10/04/2011, marking an important milestone in Transerv’s plan to commercialise the substantial gas resource at the Warro field, which has been estimated in independent experts Gaffney Cline to contain a P50 recoverable resource of 1.1 TCF.  The Warro gas field is estimated to hold up to 10 TCF of gas in place.  (Source:  Transerv Energy announcement, 28/03/2011).

Liquefied Natural Gas Ltd is pleased to provide an update on two important developments in relation to the company’s 100% owned Gladstone LNG Project, at Fisherman’s Landing, Port of Gladstone, Queensland Australia:  1.  The Company has signed a pre-front end engineering design study agreement with Jemena to evaluate the expansion capacity of Jemena’s Queensland Gas Pipeline to transport gas from the Wallumbilla Gas Hub to the Callide Gas Hub at Gladstone;  2.  The Queensland Government Minister of Mines has granted a Petroleum Facility Licence for the Company’s Fisherman’s Landing LNG Project.  (Source:  Liquefied Natural Gas Ltd announcement, 22/03/2011).

Discoveries

Woodside Petroleum’s Martin 1 discovery has boosted confidence the company will have enough gas to sanction the expansion of its Pluto liquefied natural gas project this year.  Yesterday, the company announced it struck gas at Martin 1 in the offshore Carnarvon Basin permit WA-404-P, intersecting 100m of gross gas within the Triassic target.  Woodside has so far made six discoveries in WA-404-P with Martin 1 located within 14k of Martell 1, Noblige 1, Larsen 1, Larsen Deep 1 and Remy 1.  (Source:  EnergyNewsPremium, 18/03/2011).

Empire announced on 22/02/2011 that the Red Gully 1 well is the largest Jurassic gas and condensate discovery well in Western Australia and that it is very confident that it has already reached its 2011 goal of having recoverable gas of up to or in excess of 30 BCF of gas and an estimated 2 mmbbls of associated condensate from both the Gingin West 1 and Red Gully 1 wells.  Red Gully 1 and Gingin West 1 recoverable gas is conservatively estimated at between 20 to 33 BCF together with associated condensate.  The company has tested the “D” Sand and will not test the “B” Sand until the “D” Sand is depleted from production.  (Source:  Empire Oil & Gas announcement, 24/03/2011).

Santos today announced that the Zola 1 exploration well in WA-290-P, located in the Carnarvon Basin offshore Western Australia, has intersected over 100m of net gas pay sands over a 400m gross interval in the primary target, the Mungaroo formation.  Wireline logging and pressuring testing completed over the weekend have confirmed the net gas pay and the high quality of the reservoir sands.  (Source:  Santos announcement, 04/04/2011).

 


Permit Updates and Changes

New South Wales

In the Gunnedah Basin, Santos have elected to exercise their option to proceed to Stage 2 by which, if successfully completed by 06/06/2012, they will have earned 65% in total in PEL 1 and PEL 12.

Red Sky's interest will be held by Summerland Way Energy P/L in permits PEL 457, PEL 478, PEL 479 and PSPA 37. Red Sky has the option to move to 70% by spending $3m on work programs in each of PEL 479 and PEL 457.


Northern Territory

In the Vulcan Basin, Cue has signed a binding Sales and Purchase Agreement with PTTEP Australasia (Ashmore Cartier) P/L for the sale of its 20% interest in AC/RL 7. The sale is conditional on the receipt of regulatory approvals. Cue will receive payment of US$8 million when approvals are received.

In the McArthur Basin, applications EP(A) 185 and EP(A) 186 by Imperial Oil & Gas P/L are being withdrawn.

In the Bonaparte Basin, MEO has accepted a conditional offer from its preferred farminee and negotiations are underway to convert the offer into binding agreements in NT/P 68.

In the Bonaparte Basin, NTC/P 10 is a new application by Territory Oil & Gas 100%.

In the Bonaparte Basin, NTC/P 11 is a new application by MBS P/L 100%.

Geothermal Permits


In the Georgina Basin, applications GEP 27822 and GEP 27823 by Uramet Minerals Ltd were withdrawn 21/01/2011.

Geothermal applications GEP 27825, GEP 27826, GEP 27827 and GEP 27828 by TNG Energy P/L were refused 03/03/2011.

In the Georgina Basin, application GEP 27830 by
Western Desert Resources Ltd was withdrawn 03/02/2011.


Queensland

In the Eromanga Basin, AGL Cooper Basin operates licence ATP 1056P. Interests are AGL Cooper Basin P/L 40%, CG Operating Inc 16.70%,Tamark P/L 12.90%, Carson Energy Inc 10%, Foresight Australia P/L 10%, Discovery Geo Corp 5.4% and Rockwall Oil LP 5%.

Also in the Eromanga Basin, Beach Energy is likely to pre-empt the Inland sale to Bridgeport in permit ATP 269P and PL 184.

In the Eromanga Basin, Senex Energy has acquired Lakes Oil's 25% in permit ATP 560P UE. Senex Energy now holds 42% of the licence.

In the Surat Basin,
Phoenix Oil & Gas Ltd acquired a 2.5% ORR in ATP 574P from GFK Investments.

In the Bowen Basin, Mitsui's option to acquire 49% in ATP 688P and ATP 769P has been extended to 06/04/2011.

In the Styx Basin, ATP 700P has undergone a partial relinquishment and now covers a reduced area of 794 sq km.

In the Eromanga Basin, ATP 732P was granted to Avery Resources (Australia) P/L 100% on 08/03/2011. Licence will expire on 31/03/2023.

In the Eromanga Basin, Senex Energy's interest in ATP 752P B and ATP 752P W is held by Victoria Oil Exploration (1977) P/L.

In the Drummond Basin, Resolve Geo P/L is the operator of ATP 780P. Resolve has 90% of the rights to the CSG resource in ATP 780P C.


In the Cooper Basin, Beach Energy Ltd is in dispute with Icon in relation to Beach's entitlement to earn up to 40% in ATP 855P. Beach believes that it has a current legal entitlement to 25% with the remaining 15% subject to the exercise of its option to earn-in by contributing to exploration costs.

In the Adavale Basin, Red Sky Energy has entered into a binding terms sheet with Resolve Geo P/L to acquire an interest in he CSG reserves of ATP 946P. Red Sky will earn 10% for the initial work program of 2 core holes (approximately cost $1.6m), to be completed within 12 months. Furthermore, Red Sky has an option to spend a further $5m to earn a further 80%.

In the Bowen Basin, Phoenix Oil & Gas Ltd acquired GFK's 2.125% ORR interest in PL 101.

In the Surat Basin, Santos' interest in PL 15 is held by Santos QNT P/L.

Also in the Surat Basin, Phoenix Oil & Gas Ltd acquired a 2.5% ORR from GFK Investments in PL 171.

In the Surat Basin, production licence PL 260 was granted on 16/03/2011. Licence will expire on 31/03/2041.


Geothermal Permits

In the Eromanga Basin, EPG 92 is a new geothermal application by Earth Solar Power P/L 100%.

In the Eromanga Basin, EPG 93 and EPG 94 are new geothermal applications by Clean Energy Australasia P/L 100%.


South Australia

In the Cooper Basin, a Sale and Purchase agreement was executed on 16/12/2010 for Victoria Petroleum's acquisition of Traditional Oil's interest in PEL 100 and PEL 88.

In the Eromanga Basin, Senex Energy's interest in PEL 110 is held by Victoria Oil Exploration (1977) P/L.

In the Arckaringa Basin, Eastern Star Gas has an option to earn a 25% interest in PEL 121 C and PEL 122 C.

In the Otway Basin, Beach has an option (yet to be agreed) to acquire 66.6% interest in PEL 186.

Also in the Otway Basin,
expiry date for PEL 187 has been extended to 27/10/2011.

In the
Stansbury Basin, PEL 73 was relinquished 23/03/2011.

In the Arrowie Basin, PELA 567 is a new application by Archer Exploration Ltd 100%.



Tasmania


Geothermal Permits

Onshore in the Lachlan Fold Belt, SEL 37/2007 was relinquished on 10/02/2011.



Victoria


In the Gippsland Basin, Latrobe Fuels have failed to complete the farm-in to the Gormandale block of PEP 166 and that area has reverted to PEP 166.

In the Gippsland Basin, Phoenix Oil & Gas Ltd acquired 0.3% of Liberty's 3.0% ORR in permits VIC/P 45, VIC/P 54 and VIC/P 59.



Western Australia


In the Yilgarn Block Basin, DR 12 was relinquished on 04/03/2011.

In the Canning Basin,
interests in permits EP 390, EP 391, EP 431, EP 436, EP 471, EP 472, EP 473 and EP 476 are Buru Energy 50% and Mitsubishi Corp 50%.

Also in the Canning Basin, in EP 417 Green Rock Energy can fund 22.5% of the costs of a second well to earn an additional 5% from New Standard. Green Rock will earn 15% by paying $750,000 in back costs to New Standard ($300,000 upon successful completion of Tranche 1 of Green Rock's capital raising, $250,000 upon securing a drilling rig for Lawford 1 and $200,000 on commencement of drilling Lawford 1) and contributing 27.5% of the costs of drilling, coring, fracture stimulation, flow testing and planned completion of Lawford 1.

In the Perth Basin, Empire Oil Co applied for a suspension, partial relinquishment and variation of work program in EP 430 on 04/02/2011.

In the Canning Basin, interests in EP 438 are Gulliver Productions P/L 76%, Indigo Oil P/L 19%, Mitsubishi Corp 2.5% and Buru Energy Ltd 2.5%.

In the Canning Basin, Farmout block EP 442 A no longer exists and has reverted to the same interests as EP 442.

In the Canning Basin, the expiry date for EP 449 is extended to 22/12/2015.

In the Officer Basin, Phoenix Oil & Gas Ltd's interest in EP 468 is held by its subsidiary Officer Petroleum P/L.

In the Perth Basin, L 10-12 closed 10/03/2011 and did not receive any bids. Canning Basin release areas L 10-6, L 10-7, L 10-8, L 10-9, L 10-10 and Carnarvon Basin release area L 10-11 also closed on 10/03/2011 and are bids are currently being assessed.

In the Canning Basin, interests in L 15 are Gulliver Productions 49%, Buru Energy 15.5%, FAR Ltd 12%, Pancontinental Oil & Gas 12% and Indigo Oil 11.5%.

In the Perth Basin, STP-SPA-0013 is a new application by Westranch Holdings P/L 100%.

In the Carnarvon Basin, Apache's interest is held by Apache Permits P/L in WA-155-P (1) and WA-155-P (2).

In the Browse Basin, Phoenix Oil & Gas Ltd acquired 0.06875% of Liberty's 1.5% ORR in WA-314-P and WA-315-P.

In the Perth Basin, WA-368-P was relinquished on 25/03/2011.


New Zealand

In the Taranaki Basin, APP 53473 is a new application by Octanex NZ Ltd 100%.

In the East Coast Basin, PEP 38348 has undergone a partial relinquishment.

In the Westland Basin, Widespread Energy Ltd has transferred its 100% interest in PEP 38526 to Widespread Portfolios Ltd. Transfer was granted on 31/03/2011.

In the Taranaki Basin, OMV New Zealand Ltd has entered into a farmout agreement with Octanex NZ Ltd. Octanex has agreed to assign 65% interest to OMV and will become operator of PEP 51906. Octanex will retain 35%. OMV will reimburse the exploration costs incurred by Octanex to date up to a maximum of NZ$1,000,000. OMV will also pay 100% of the costs for new 3D and 2D seismic program.

Also in the Taranaki Basin,
PEP 52593 was granted to Octanex NZ Ltd 100% on 01/04/2011. Licence will expire 31/03/2016.


Joint Petroleum Development Area

In the Timor Gap Basin, Flex's option to acquire Minza Oil & Gas and its interest in JPDA 06-101 expired in October 2010.


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