August 2015 GPinfo Update 



Net Acreage

 

A new tabular data layer has been added to the COMPANY DATA group in the Map Manager.  The new Net Acreage layer contains a record for every combination of Permits and Participants, providing Interest %, Area and Net area for all permit owners …

 

Streamlining Offshore Petroleum Environmental Approvals in SA & NT

 

On 11/06/2015 the Commonwealth Minister for the Environment, the Department of Industry and Science and NOPSEMA entered into agreements to undertake strategic assessments of the Authorisation Process for petroleum activities in the coastal waters of SA and NT …

 

Industry Summary

 

Cooper Energy announces that it has re-assessed its net 2C contingent resource to be 13.9 mmboe in the Manta field in VIC/L 26 and VIC/L 27 in the Gippsland Basin, offshore Victoria. This represents a 2.5 mmboe increase on the previous assessment …

 

Permit Updates and Changes

 

Applications for pre-qualification for the 2015 Offshore Petroleum Acreage Release - Cash Bid Round close on 15/10/2015. The six cash bid areas are located in the Bonaparte and …
 

 

 Net Acreage                                                                                              

 

A new tabular data layer has been added to the COMPANY DATA group in the Map Manager. The new Net Acreage layer contains a record for every combination of Permits and Participants, providing Interest %, Area and Net area for all permit owners.

 

 

Right-click on the Net Acreage layer in the Map Manager and select Browse to display the layer in a Browser tab.

 

Create queries based on the Net Acreage layer in the usual way. Use the Participant attribute to identify an individual company or list of companies, or use the Group attribute to collectively identify a company and its subsidiaries.

 

 

The above query selects Western Australian permits that are granted or renewing, i.e. not available, under application or relinquishing, in which any of the Quadrant Energy or Woodside Petroleum companies participate.

 

A query layer is then created in the QUERIES group in Map Manger. Right-click on the query layer and select Browse to display the results of the query in a Browser tab.

 

 

Right-click on the tab header and select Copy to clipboard or Export to CSV file to capture the contents of the Browser tab for opening in MS Excel. In Excel, sum the Net area column based on the Group field to see the total granted acreage for Quadrant and Woodside.

 

Notes:

 

1.     Only direct interests are relevant in this calculation. The Net Acreage layer does not contain any records relating to indirect interests (NPI or ORR).

2.     The Net Acreage layer includes all resource types – petroleum, geothermal and sequestration. Use the Resource attribute in your query to include/exclude specific types.

 

 

 

Opportunity to Comment

 

On 11/06/2015 the Commonwealth Minister for the Environment, the Department of Industry and Science and the National Offshore Petroleum Safety and Environmental Management Authority (NOPSEMA) entered into agreements to undertake strategic assessments of the Authorisation Process for petroleum activities in the coastal waters of South Australia and the Northern Territory.

 

Currently, offshore petroleum projects that cross between the Commonwealth and state or territory jurisdictions may be subject to multiple separate approvals processes, requiring assessment and approval by a number of separate regulators. To address this issue, the Australian, South Australian and Northern Territory Governments are considering options to streamline petroleum approval processes in South Australia and Northern Territory coastal waters with a view to maximising regulatory efficiency, while maintaining high environmental standards.

 

One option being considered is the conferral of powers and functions for the regulation of work health and safety, well integrity and environmental management for petroleum activities in coastal waters to NOPSEMA. Should the South Australia and/or Northern Territory Governments proceed with conferral, all petroleum activities in those coastal waters would require assessment and acceptance by NOPSEMA under the relevant South Australia or Northern Territory legislation.

 

Although neither jurisdiction has formally committed to conferral yet, the Australian Government is commencing this strategic assessment work as a preparatory step, to enable quick finalisation of the streamlining process should South Australia or Northern Territory choose to proceed with conferral.

 

The Department of Industry and Science, NOPSEMA and the Department of the Environment have developed a draft terms of reference for consultation for South Australia and the Northern Territory. Each strategic assessment will be undertaken in accordance with the provisions of Part 10 of the Environment Protection and Biodiversity Conservation Act 1999 (EPBC Act). In this case the strategic assessments will focus on the Authorisation Process for petroleum activities in South Australia and Northern Territory coastal waters, to be administered by NOPSEMA following conferral.

 

The draft terms of reference describe the proposed structure for each strategic assessment and the issues that must be addressed to ensure the requirements of the EPBC Act are met. All stakeholders and interested parties are invited to review the draft terms of reference and provide feedback and comments to ensure that the assessment addresses all relevant concerns.

 

The consultation period on the draft terms of reference is 17/07/2015 to 14/08/2015.

 

For information on providing a submission and to access a copy of the draft Terms of Reference please visit the department’s website.

 

If you have any enquiries, or if you are interested in receiving updates on the strategic assessment process, including notification of future public consultation periods, please register your interest via email.

 

 

 Industry Summary                                      

 

Company News

 

Cooper Energy announces that it has re-assessed its net 2C contingent resource to be 13.9 mmboe in the Manta field in VIC/L 26 and VIC/L 27 in the Gippsland Basin, offshore Victoria. This represents a 2.5 mmboe increase on the previous assessment dated 18/08/2014. In addition, it has re-assessed is risked Best Estimate (P50) prospective resource to be 1.8 mmboe. The upgraded assessment includes interpretation of new studies including 3D seismic reprocessing and inversion studies and dynamic simulation modelling that have been undertaken since Cooper Energy entered the permit as operator in May 2014.  (Source:  Cooper Energy announcement, 16/07/2015).

 

Real Energy Corporation Ltd is pleased to provide details of its independent estimates of contingent gas resources and upgrade its conventional prospective gas estimates at its Cooper Basin permit, ATP 927. The resource upgrade follows the successful drilling and testing program undertaken by the company during the 2015 financial year, with the prospective OGIP resource of ATP 927 effectively increasing by more than 141% to 13.761 TCF from pre-drilled estimates of 5.7 TCF.  (Source:  Real Energy announcement, 21/07/2015).

 

Titan Energy Ltd is asking shareholders to approve a name change to TTE Petroleum Ltd in order to distinguish the company from other companies with similar names.  A meeting will be held 28/08/2015 for shareholders to vote. (Source: Titan Energy announcement, 22/07/2015).

 

Marathon Resources Ltd will hold a General Meeting of members on 28/08/2015, to seek shareholder approval for a change to the name of the Company to Leigh Creek Energy Ltd. The Board considers that as Marathon Resources has now successfully completed the acquisition of ARP TriEnergy P/L and has acquired the Leigh Creek Energy Project that it is more appropriate to have a name that better reflects the new focus of the business. (Source: Marathon Resources announcement, 29/07/2015).

 

Origin Energy Ltd entered into an underwriting agreement for the sale of its 53.09% shareholding in Contact Energy Ltd. The transaction has been underwritten at a fixed price of NZ$4.65 per share. Origin will receive net cash proceeds of $NZ200 million and $1.4 billion upon settlement in August. Origin’s shareholding in Contact is expected to be sold to a broad range of Australian, New Zealand and international equity market institutional investors and New Zealand retail investors. Contact is expected to list on the Australian Securities Exchange before the end of September. (Source: Origin Energy announcement, 04/08/2015, Contact Energy announcement, 04/05/2015).

 

Comet Ridge Ltd is pleased to announce that it has received an independent certification for Contingent Gas Resources at Carmichael, situated in ATP 744 in the Galilee Basin, which followed an independent review by SRK Consulting. Comet Ridge says reprocessing and reinterpretation of 1980’s vintage seismic over the Carmichael prospect has resulted in a significantly larger structure than previously interpreted, leading to a larger gas-in-place volume. Carmichael’s independently certified contingent resources are estimated at 56 PJ (1C), 153 PJ (2C) and 417 PJ (3C). Comet Ridge managing director Tor McCaul believes that drilling a second well using latest technology, including a light weight mud system or air drilling, and testing gas sands immediately on penetration, could allow a much more significant gas flow result than was demonstrated in 1995 with the original Carmichael 1 well. (Source: Comet Ridge announcement, 05/08/2015).

 

Cooper Energy has signed its first gas supply agreement for the Sole gas field in Victoria with O-I Australia. The Heads of Agreement (HoA) sets out the key commercial terms for the supply of gas of one PJ per annum for the lesser of eight years, or the life of the field, from Cooper Energy’s 50% share of Sole production. The volume contracted represents 8% of the company’s share of the field‘s anticipated production. The terms set out in the HoA will form the basis of a fully termed gas sales agreement which will be subject to a positive FID for development of the field. It is expected the FID will be made by September 2016, and that first supply from Sole to O-I Australia would start in January 2019. (Source: Cooper Energy announcement, 03/08/2015).

 

Rampart Energy Ltd has changed its Company name to Pilot Energy Ltd following shareholder approval at a General Meeting on 06/08/2015. The ASX code for the Company will remain RTD until the change of name certificate has been provided by the Company to the Australian Securities Exchange. (Source: Rampart Energy announcement, 06/08/2015).

 

Empire Oil & Gas is pleased to advise a significant increase in proven gas and condensate reserves for the B sand of the Red Gully 1 well, in production licenses PL 18/19 in the Perth Basin. The upgrade follows a downhole pressure gauge survey undertaken in Red Gully 1 and a new independent resource evaluation report prepared by RISC. The results of the work are that 1P gas reserves are up 64% to 12.29 PJ and condensate reserves up 29% to 379,000 bbls while 2P gas reserves are up 30% to 17.48 PJ and condensate reserves up and 8% to 539,000 bbls. The increased reserves also have the potential to extend the life of the Red Gully project by approximately two years. (Source: Empire oil & Gas announcement, 29/07/2015).

 

A pre-purchase gas sales agreement for gas expected to be discovered in the Canning Basin, struck between Alcoa and Buru Energy’s predecessor ARC Energy, has effectively ended after eight years, with Buru to repay $30 million over the next three years. In 2007 ARC and Alcoa struck an agreement under which ARC was to supply up to 500 PJ of gas to Alcoa at a gas price that reflected the long-term commitment between the parties and the realities of the Western Australian gas market in 2007. Alcoa pre-paid $40 million for the gas, and has waited for ARC, and then Buru, to define a commercial gas resource and meet the final investment decision in the frontier basin. Several final investment decision dates have come and gone, with Alcoa and Buru constantly renegotiating them at various stages, but the pair has agreed to end the relationship, rather than extending the deal until 2017 as they had discussed. (Source: Energy News Premium, 30/07/2015).

 

Shell and BG have cleared another major hurdle for the acquisition of BG by Shell with the Brazilian Competition Authority, Administrative Council of Economic Defence giving approval. The unconditional merger clearance follows CADE’s initial approval of the combination on 08/07/2015, and the expiry of the 15-day period during which CADE's decision could be appealed. The approval is just one of the five regulatory clearances that are pre-conditions for the merger. Before Shell can finally seal the deal on its $90-billion-plus merger plan it needs to gain approval from regulators in Australia, China and Europe.  (Source: Energy News Premium, 29/07/2015).

 


 

Developments

 

BG Group has loaded its first cargo of LNG from the second train of the QCLNG Facility. The LNG was loaded onto the Maran Gas Posidonia LNG carrier. BG says that when plateau production is reached in mid-2016, the QCLNG plant’s two trains will be producing sufficient LNG to load a total of ten vessels per month, with exports expected to reach 8 mtpa. Train 1 came on stream in December 2014 and since that time 27 cargoes have left the Curtis island terminal. BG Group began commercial operations in May 2015, when control of Train 1 formally transferred to QGC, BG Group's Australian subsidiary. Train 2 commercial operations will begin once a similar commissioning process has been completed. Train 1 is mostly selling to China under contract with CNOOC Ltd. Train 2 will supplement BG’s worldwide portfolio of LNG supplies with a large proportion expected to be sold into the spot market. (Source: Energy News Premium, 14/07/2015, Oil & Gas Journal, 14/07/2015).

 

Cooper Energy is confident a $560 million subsea option for the development of the Manta gas field, offshore in the Gippsland Basin, could deliver gas within two years of a financial investment decision. The business case for a proposed development assessed gas resources at Manta to comprise a 2C contingent resource of 106 PJ of sales gas and 2.6 million barrels of condensate and a further 11 PJ of risked best estimate prospective resources. It was concluded that these resources can be developed most economically via a 2 well subsea development with gas export to the Orbost Gas Plant. The Manta Gas Project has the potential to produce 23 PJ of gas per annum for supply to eastern Australian gas users, with additional revenue from the condensate production. While preferring the subsea development option, Cooper wouldn’t rule out alternatives, such as a Floating Production Storage and Offloading (FPSO) vessel. The business case outlines an indicative schedule which would see development feasibility confirmed on the results of the Manta 3 appraisal well towards the end of 2017, for an entry into FEED early in 2018. FID would occur about 12 months later in early in 2019, with first gas anticipated from around May 2021. The Manta business case remains subject to joint venture partner review and endorsement. (Source: Cooper Energy announcement, 16/07/2015).

 

Origin Energy and ConocoPhillips’ Australia Pacific LNG Facility commenced loading refrigerants to its Curtis Island LNG facility, marking a significant achievement in the commissioning and start-up phase of the project. Propane and ethylene, two refrigerants used to cool the natural gas into liquid, will continue to arrive on Curtis Island over the coming weeks. They play a key role in the Optimized Cascade process, the liquefaction technology owned by ConocoPhillips. APLNG CEO Page Maxson said “The arrival of the refrigerants signifies a key step toward starting up the first LNG train. It enables us to meet the next milestones including test runs of the compressors, followed by final commissioning of remaining units of the first LNG train. Today’s achievement keeps us firmly on track for first LNG export in the second half of this calendar year.” (Source: Australia Pacific LNG announcement, 28/07/2015).

 

Buru Energy is pleased to advise that the Ungani onshore oilfield was officially opened on 30/07/2015, marking another key milestone in the Company’s strategy to become a major oil and gas producer in WA’s Kimberly region. The facility, located 100 km east of Broome in the Canning Basin, was opened by resources minister Bill Marmion at a ceremony involving joint venture partners, traditional owners, and local stakeholders. Ungani is an equal joint venture between Buru Energy and Mitsubishi Corporation. The project has commenced production at a rate of 1250 bopd, rising to a targeted level of 3000 bopd. Ungani is the first oil development in the Canning Basin in over 30 years. (Source: Buru Energy announcement, 30/07/2015).

 

Australian Minister for Industry and Science, Ian Macfarlane, and Western Australia Minister for Mines and Petroleum, Bill Marmion, today executed a deed of agreement setting out the proportion of petroleum in the Torosa petroleum pool. The Torosa petroleum pool straddles Commonwealth and WA retention lease areas and is intended to be developed through the proposed Browse Floating LNG Project. Under the agreement, WA’s share of Torosa, Browse’s biggest gas field, will be 65.4% while the federal government will hold a 34.6% interest. Macfarlane said it was the first time an agreement of this sort had been struck between (state and federal) governments. The deed of agreement allocates the proportion of gas and condensate in Commonwealth retention lease WA-30-R and State retention leases TR/5 and R2 and will continue to apply if production licences are granted over these areas. (Source: The Hon Ian Macfarlane MP, Minister for Industry and Science announcement, 22/07/2015).

 

Wood Group Kenny (WGK) has secured a new contract to carry out front-end engineering and design (FEED) for the Woodside-operated proposed Browse Floating LNG Development, offshore Western Australia. WGK will perform all design engineering for the insulated production flow line system required for the asset’s offshore gas-condensate fields, Brecknock, Calliance and Torosa, located 300 km from the Kimberly coastline. The primary focus of the Browse subsea flowline FEED is to develop the engineering and design of the rigid flowline system to assist the Browse joint venture participants to take a final investment decision, which Woodside is targeting in the second half of 2016. The 12 month contract, valued at US$6 million and effective immediately, will be delivered from WGK’s Perth office. (Source: Energy News Bulletin, 03/08/2015).

 

Chevron has warned of potential production delays at the US$54 billion Gorgon Project in Western Australia, while revealing the timetable for Wheatstone has recently come under pressure. Speaking to investors late last week in light of the company’s second-quarter earnings, Chevron executive vice-president Jay Johnson said it could not guarantee first LNG cargo would be produced by the revised target of late 2015. “The schedule is dependent on managing commissioning and start-up risks including equipment malfunctions, possible labour and weather disruptions, as well as other unforeseen issues,” he said. “Our focus is on a safe and incident free start up that leads to reliable long-term operations. “We are working to achieve the first LNG cargo by year end; however, given these risks, it's likely to occur in early 2016.” (Source: Energy News Premium, 05/08/2015).

 

 

 Permit Changes                                                                

 

2015 Offshore Petroleum Acreage Release - Cash Bid Round

 

Applications for pre-qualification for the 2015 Offshore Petroleum Acreage Release - Cash Bid Round close on 15/10/2015.

 

The six cash bid areas are located in the Bonaparte and Northern Carnarvon Basins.  Applicants who prequalify will be invited to submit a cash bid on 04/02/2016. Information on pre-qualifying and cash bidding can be found here.

 


 

Northern Territory

 

In the Browse Basin, AC/P 37 is being relinquished.

 

In the Vulcan Sub Basin, a change to the AC/P 53 work program has been approved -
 

Year 5: geotechnical studies $0.25m
Year 6: 1 well $25m
 

In the Browse Basin, a change to the AC/P 59 work program has been approved –

 

Year 6: geotechnical studies $0.1m
 

In the Petrel Sub Basin, NT/P 80 was relinquished 31/07/2015.

 

In the Pedirka and Amadeus Basins, EP 107 and EP(A) 147 were returned to Central on execution of the agreement with Santos on 03/06/2015.

 

In the Amadeus Basin, the year 5 work program for EP 112 has been extended by 4 months from 21/07/2015 to 20/11/2015. The licence has had its expiry date extended to 20/11/2015.

 

In the Bonaparte Basin, EP 138 was relinquished 17/07/2015.

 


 

Queensland

 

In the Galilee Basin, formal sale and purchase documentation has been signed for AGL to transfer its 50% interest in ATP 529 to Galilee Energy for no upfront cost. Galilee Energy has assumed operatorship. Completion is expected in the third quarter 2015 and is subject to Queensland Government approval.

 

Also in the Galilee Basin, ATP 743 has undergone a partial relinquishment and now covers a reduced area of 3,999 sq km.

 

In the Surat Basin, ATP 746 has undergone a partial relinquishment and now covers a reduced area of 382 sq km.

 

Also in the Surat Basin, ATP 747 has undergone a partial relinquishment and now covers a reduced area of 1,336 sq km.

 

In the Surat Basin, Goshawk E&P and Triangle Energy (Global) terminated their agreement in June 2015 for Triangle to farm in to ATP 1186.

 

In the Cooper Basin, an application has been made to renew PL 193 as PL 513.

 

In the Bowen Basin, Triangle Energy (Global) has submitted a later development plan for PL 231 to the Queensland Department of Natural Resources and Mines. Senex has an agreement to transfer its entire 40% interest to Triangle Energy (Global).

 

In the Bowen Basin, Vale Belvedere P/L has withdrawn production licence applications PL 269, PL 270, PL 271, PL 290, PL 291 and PL 292.

 

Geothermal

 

Local Government Infrastructure Services P/L has applied for a number of applications in the Eromanga and Surat Basins –

 

Licence

Basin

Area (sq km)

EPG 2002

Eromanga

317

EPG 2003

Surat

538

EPG 2004

Surat

308

EPG 2005

Eromanga

309

EPG 2006

Eromanga

313

EPG 2007

Eromanga

304

EPG 2008

Eromanga

312

EPG 2009

Eromanga

303

EPG 2010

Eromanga

461

 


 

South Australia

 

In the Eromanga Basin, as a result of the farm-in termination by Terra Nova, Holloman will no longer be obliged to transfer any additional working interest in PEL 112 and PEL 444 to Terra Nova and is entitled to a return of 4.8333% working interest on PEL 444.

 

In the Otway Basin, applications have been submitted to consolidate PEL 494 and PEL 495 into a single licence.

 

In the Cooper Basin, the PEL 512 work program has been suspended by 6 months from 19/07/2015 to 18/01/2016. The licence has had its expiry date extended to 27/04/2019.

 

In the Cooper Basin, the PEL 516 work program has been suspended by 12 months from 02/11/2015 to 01/11/2016. The licence has had its expiry date extended to 02/05/2017.

 

In the Cooper Basin, shareholder approval was received on the 04/08/2015 for the sale of New Standard's subsidiary New Standard Energy PEL570 P/L to Sundance Energy Ltd. Sundance now holds 17.5% in PEL 570.

 

In the Cooper Basin, the PEL 367 work program has been suspended by 12 months from 02/11/2015 to 01/11/2016. The licence has had its expiry date extended to 02/05/2017.

 

In the Cooper Basin, PRL 17 and PRL 18 have been renewed to 28/04/2020 and 27/01/2020 respectively.

 

In the Cooper Basin, Victoria Oil Exploration (1977) P/L 80% (operator) and Cooper Energy Ltd 20% have applied for PRLA 183 – PRLA 190.

 

Geothermal

 

In the Eromanga Basin, GEL 191 – GEL 193 expired 28/02/2015.

 

In the Arrowie Basin, GEL 559 is being renewed.

 


 

Tasmania

 

Offshore in the Bass Basin, NOPTA approved a suspension and extension to T/18P on 03/08/2015.  The Year 4 work program has been suspended for three months to 21/10/2015 and the licence expiry date has been extended to 21/10/2016.

 


 

Victoria

 

Lakes Oil has submitted a further 12 month extension and suspension application for each of its Victorian permits.

 

Offshore in the Gippsland Basin, the Moby location in VIC/P 47 has had its expiry date extended to 25/08/2017.

 

Onshore, in the Otway Basin, Cooper Energy is withdrawing from PEP 151 and its interest will be transferred to Bridgeport Energy (QLD). The transfer is expected to be completed in 2015.

 


 

Western Australia

 

In the Barrow Sub Basin, WA-12-L has been renewed to 09/07/2036.

 

In the Carnarvon Basin, location WA-335-P L was declared over Bunyip on 31/07/2015.

 

In the Carnarvon Basin, WA-350-P is being relinquished.

 

In the Carnarvon Basin, location WA-351-P L was declared over Tallaganda on 10/07/2015.

 

In the Carnarvon Basin, WA-366-P is being relinquished.

 

In the Petrel Sub Basin, location WA-407-P L was declared over Ascalon on 29/07/2015.

 

In the Carnarvon Basin, location WA-439-P L was declared over Vos on 03/08/2015.

 

In the Rowley Sub Basin, BP Developments Australia's 21% interest in WA-462-P and WA-466-P has been transferred to Shell Australia P/L and Woodside Energy Ltd.

 

In the Beagle Basin, a change to the WA-465-P work program has been approved –
 

Year 5: 1000 sq km 3D seismic, geotechnical studies $0.6m

Year 6: 1 well, geotechnical studies $35.5m

 

In the Beagle Basin, a change to the WA-467-P work program has been approved –
 

Year 5: 1500 sq km 3D seismic, geotechnical studies $0.6m

Year 6: 1 well, geotechnical studies $35.5m

 

In the Carnarvon Basin, the year 3 work program for WA-480-P has been extended by 6 months from 20/08/2015 to 19/02/2016. A change to the work program has been approved –
 

Year 2: seabed coring, 1800 km 2D seismic, G&G, 2D & 3D seismic $5.7m

Year 3: 2D & 3D seismic interpretation, 2211 km 2D & 2081 sq km 3D PSDM reprocessing $3.9m

 

In the Perth Basin, the year 3 work program for WA-481-P has been extended by 12 months from 20/08/2015 to 19/08/2016. The licence has had its expiry date extended to 19/08/2019.

 

In the Rowley Sub Basin, a change to the WA-495-P work program has been approved –
 

Years 1-3: 3328 sq km 3D seismic, 3328 sq km pre-stack depth migration processing of 3D seismic, geotechnical studies $24.2m

 

In the Rowley Sub Basin, a change to the WA-505-P work program has been approved –
 

Years 1-3: 393 sq km 3D seismic, geotechnical studies, process 393 sq km 3D seismic to PSDM, QI, 3D seismic inversion studies $9.2m

Year 4: geotechnical studies $0.2m

Year 5: 1 well $20m

Year 6: geotechnical studies $0.2m

 

In the Browse Basin, a new Browse Joint Operating Agreement has been executed to align interests across Browse titles R2, TR/5, WA-28-R, WA-29-R, WA-30-R, WA-31-R and WA-32-R. In the event of approval, interests will be Woodside Browse P/L 30.6%, Shell Australia P/L 27%, BP Developments Australia P/L 17.33%, Japan Australia LNG (MIMI Browse) P/L 14.4% and PetroChina International Investment (Australia) P/L 10.67%.

 

In the Perth Basin, EP 368 has been renewed to 29/06/2020. Work program is as follows –

 

Year 1: G&G studies $0.15m

Year 2: 1 well $7m

Year 3: G&G studies $0.15m

Year 4: 50 km 2D seismic $0.9m

Year 5: 1 well $7m

 

In the Perth Basin, the year 5 work program for EP 416 has been extended by 55 months from 15/08/2011 to 31/03/2016. The licence has had its expiry date extended to 31/03/2016. A change to the work program has been approved -
 

Year 5: geophysical survey $0.17m

 

In the Carnarvon Basin, EP 433 and EP 434 were relinquished on 17/07/2015.

 

In the Perth Basin, the year 1 work program for EP 440 has been extended by 12 months from 29/05/2014 to 29/05/2015.  The licence has had its expiry date extended to 29/05/2019. A change to the work program has been approved -
 

Year 1: geophysical survey $0.2m

Year 2: 100 km 2D seismic, seismic interpretation $1.15m

 

In the Canning Basin, Oil Basins will seek to farm-out a 50% interest in EP 487 on behalf of the joint venture until 01/01/2016. Rey Resources will participate in the farm-out subject to certain commercial terms being achieved. This would result in both Rey and Oil Basins diluting to a respective 25% interest with the farminee at 50%.

 

In the Canning, Officer and Savory Basins, the application process for SPA 13 AO, SPA 14 AO and SPA 15 AO did not go ahead. The areas have reverted to vacant acreage.

 

In the Canning Basin, SPA 18 AO and SPA 19 AO have been relinquished. The areas have reverted to vacant acreage.

 

In the Kimberley Basin, application STP-EPA-128 has been varied and now covers a reduced area of….sq km.

 

In the Perth Basin, Eneabba Gas Ltd has executed a further extension of the closing date for the acquisition of the Ocean Hill Project STP-EPA-90 with Black Rock Mining Ltd to 31/12/2015.

 

In the Officer Basin, application STP-SPA-47 has been withdrawn. The area reverts to vacant acreage.

 


 

Joint Petroleum Development Area

 

In the Joint Petroleum Development Area, ANP provided a notice of termination for JPDA 06-103 effective 15/07/2015, with a demand for payment of approximately $US17m. The JV is continuing to discuss the financial liability of the contractor upon termination.

 


 

New Zealand

 

In the Waikato Basin, shareholders have approved the proposed disposal of Kea’s interest in PEP 381204 at a general meeting held on 13/07/2015.

 

In the Northland Basin, PEP 38602 is being renewed.

 

In the Taranaki Basin, shareholders have approved the conditional sale of Kea’s 70% interest in PEP 51153 to Caliera Fund Ltd, which remains conditional only on government approvals. MEO elected not to exercise its pre-emptive right in purchasing Kea's 70%.

 

In the East Coast Basin, PPP 56365 was granted to Searcher Seismic P/L 100% on 04/08/2015. The licence will expire on 31/10/2017.

 


 

Papua New Guinea

 

In the Papuan Basin, Dr Mike Swift holds a 0.5% ORR on PPL 326.

 

Also in the Papuan Basin, Kina Petroleum will increase its interest to 100% in PPL 435 and PPL 436 following the withdrawal of Cott Oil & Gas (PNG), subject to government approvals.

 

 

                                                                                                                                   

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