March 2015

Monthly Update

The March 2015 data update is now available ...

Industry Summary

Kea Petroleum plc is launching a review of the strategic options open to the Company. Accordingly, the Company is undertaking a careful evaluation of its business plan, operational assets, development strategy, market valuation of assets and capital structure ...

Permit Updates and Changes

As a result of the NSW Petroleum Titles Buyback Scheme, a number of licence holders have requested the cancellation of their licences - PEL 437 (Surat Basin) – finalised, PEL 476 (New England Fold Belt) ...
 


Monthly Update

The March 2015 GPinfo update is now available.

The March update for GPinfo includes a new version of the GPinfo application. 

Components -

1.
     A new version of the Licence Manager software (8.73) that administers your GPinfo licence.
2.
     A new version of the GPinfo application (5.9) that incorporates the new licensing components.
3.
     Updated versions of the GPinfo Help files (see note below on accessing help files).
4.
     Updated monthly installer.

This update requires Windows 7 or later
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For users of Windows XP/Vista or Windows Server 2003 we will supply a data-only monthly update for the remainder of 2015.

Problems Accessing Help Files


GPinfo 5.9 includes new versions of the User Guide (GPinfo.pdf) and Help Topics (GPinfo.chm) which are available from the Help menu in GPinfo.  Security settings can prevent the correct display of .chm files.  A solution is as follows -

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    Browse to the GPinfo data folder.
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    On the General tab, click the Unblock button.

For further assistance, please contact GPinfo Support on 02 9475 3500.
 


Industry Summary

Company News

Kea Petroleum plc
is launching a review of the strategic options open to the Company. Accordingly, the Company is undertaking a careful evaluation of its business plan, operational assets, development strategy, market valuation of assets and capital structure. The review of strategic options may include a corporate transaction such as a merger with, acquisition of or subscription for the Company's securities by a third party, a sale of the business or a farm down or disposal of assets. (Source: OilVoice, 16/02/2015).

Shareholders of Talisman Energy have approved the acquisition of the company by Repsol. More than 99% of ordinary and preferred shareholders at a meeting held on 18/02/2015 approved the deal, which both companies expect to be completed in the second quarter this year. The deal still requires regulatory approval. (Source: Oil & Gas Journal, 19/02/2015).

PetroChina is reportedly considering selling its half of Arrow Energy’s Queensland coal seam gas resources. The company blames high costs and overbearing environmental compliance regulations for the termination of Arrow’s proposed Curtis Island-based LNG project. Royal Dutch Shell plc, the owner of the other 50% of Arrow, said the LNG project was officially cancelled last month. Last year Arrow did receive several environmental approvals for possible CSG-LNG development and has since been looking at potential for collaboration with other Curtis Island-based LNG projects. (Source: Oil & Gas Journal, 27/02/2015).

Tap Oil is under siege from Thai millionaire Chatchai Yenbamroong’s Northern Gulf Petroleum.
NGP recently increased its holding in Tap to 19.98% from 6% and the company is now seeking to control Tap by replacing its board with its own nominees. NGP wants to remove Tap directors Doug Bailey, Troy Haden, and Michael Sandy and replace them with David Whitby, Alan Stein, David Johnson and James Menzies. Yenbamroong is using a Section 203D notice for the move which requires 2 months’ notice prior to the calling of an extraordinary general meeting. (Source: Oil & Gas Journal, 03/02/2015).

Eneabba Gas entered into a binding heads of agreement with Greenpower Energy for an option to acquire Greenpower’s subsidiary GCC Methane P/L. Eneabba will pay $30,000 non-refundable option payment for a 45 day exclusive period in which Eneabba will complete its due diligence on EP 447. If Eneabba elects to exercise its option it will pay $820,000 to Greenpower for 100% of the issued capital of GCC. (Source: Eneabba Gas announcement, 04/03/2015).

The Australian Competition and Consumer Commission has announced that it will not oppose Woodside's proposed acquisition of Apache Corporation's interests in the Wheatstone and Balnaves Projects.
While the ACCC determined that, in this instance, the proposed acquisition would be unlikely to raise significant competition concerns, the ACCC noted concerns expressed by the market about the effects of any further industry consolidation. (Source: Australian Competitor & Consumer Commission announcement, 05/03/2015).

Santos has entered a contract to supply natural gas to Alcoa of Australia commencing in 2018. The contract will see Santos supply 82 PJ of gas to Alcoa over an initial contract term of five years from the John Brookes field in the offshore Carnarvon Basin. The contract allows for two five year extension options by mutual agreement. (Source: Santos announcement, 09/03/2015).

Marathon Resources Ltd is pleased to announce it has signed a share sale agreement to acquire ARP TriEnergy P/L which owns the Leigh Creek Project. The signed agreement is subject to regulatory and shareholder approval. Marathon will convene an EGM of its shareholders to consider and vote on the transaction, it is currently anticipated that the EGM will be held during the last week of April or first week of May 2015. (Source: Marathon Resources announcement, 03/03/2015).

Developments

The Australian Environmental Protection Authority has decided not to conduct an environmental assessment of Woodside’s Torosa Subsea Development Proposal in the Browse Basin. The body deemed the impact of the proposal “not so significant as to require assessment”, leaving the Commonwealth Department of Environment to review a draft environmental impact statement submitted by the company as part of an assessment of the wider Browse Floating LNG Development. Woodside intends to drill about 17 wells from three drill centres in the sea bed 425 km north of Broome. The proposal includes wellheads, manifolds, flowlines and umbilicals below surface, as well as the three drill centres above surface located around the Scott Reef. The EPA’s decision is open to appeal until 03/03/2015. (Source: Energy News Premium, 17/02/2015).

Woodside’s Timor Sea-based Sunrise LNG Project is on the backburner until at least the next decade with CEO Peter Coleman not counting on any diplomatic breakthroughs from the new-look Timorese government. While Timor-Leste Prime Minister Xanana Gusmao recently resigned, there is little hope over the long-unresolved disputes over maritime boundary issues with Australia as Coleman notes that Gusmao was still in a key ministerial position. Woodside has left Sunrise off its growth projects list that goes up to 2019. (Source: Energy News Bulletin, 19/02/2015).

Central has completed the construction of its Dingo Gas Pipeline in the Northern Territory and has now begun a program of hydro-testing, which is expected to take up to two weeks. Once the hydro-testing has been completed and all necessary approvals to operate the pipeline have been received then commissioning can commence. The company expects the full project will be on time and close to 10% below budget. First gas sales through the pipeline will be delivered to the Power and Water Corporation in Alice Springs. (Source: OilVoice, 24/02/2015).

BP Australia has awarded
ASCO Group with a contract for the supply base management of its forthcoming exploration drilling program in the Great Australian Bight, offshore South Australia. The program will begin in 2016 and includes four wells about 300 km southwest of Ceduna. ASCO will establish and manage a supply base at Flinders Port in Adelaide in partnership with Flinders Logistics. BP’s much-anticipated program is focused on the underexplored Southern Margin in the Bight and has a guaranteed work program expenditure of $605 million and a potential upside of more than $1 billion. The program will be BP’s first Australian exploration operatorship in 25 years and it will also be the first wells in the Bight since Woodside Petroleum’s Gnarlyknots 1 dry hole in 2003. (Source: Oil & Gas Journal, 24/02/2015).

Neptune Marine Services has completed the structural grouting of the riser support structure for INPEX's Ichthys LNG Project. According to Neptune, the contract represented a new level of complexity for the company and involved a team of seven personnel, including two engineers, performing 24-hour operations to complete the work on schedule. Testing of the grout mix design was undertaken before offshore works began and after the works were completed, with all compressive strength requirements met. Following completion of the work, Neptune undertook the initial campaign of subsea grouting of the scour protections systems under a second sub-contract. The systems were designed, fabricated and installed to the subsea structures by a third party prior to installation. (Source: Energy News Bulletin, 26/02/2015).

The first custom-built LNG carrier for the Papua New Guinea LNG Project has arrived in Papua New Guinea to load its first-ever cargo destined for customers in Asia. The vessel, MV Papua, has the capacity to hold 172,000 cubic metres of LNG has started loading its maiden cargo bound for Sinopec in China. Papua was built in Shanghai by Hudong-Zhongua Ship Building Company and is said to be the largest carrier ever built in the country and is owned by the Aquarius LNG Shipping Ltd, along with joint venture partners Mitsui OSK Lines (MOL), China Shipping Group and Sinopec. The project will have four dedicated carriers. Three of them—The Spirit of Helga, Gigira Laitebo, and now Papua—are in operation. The fourth vessel is still under construction. (Source: Energy News Premium, 23/02/2015).

The Environmental Protection Authority of Western Australia has approved plans for expansion of the Gorgon LNG Project on Barrow Island into a fourth train. The expansion will see the Chevron Corp-led group push the foundation production of 15 mmtpa of LNG up to a total of 20 mmtpa. This will involve constructing a feed gas pipeline system along the Northern Pipeline Route Option or the Southern Pipeline Route Option, and the addition of a fourth LNG train and associated infrastructure within the existing gas treatment plant on Barrow Island. The expansion plan still needs approval by state and federal environment ministers. (Source: Energy News Bulletin, 04/03/2015).

Santos has hit a commissioning milestone, flowing first gas through its two-train Gladstone LNG Plant on Queensland’s Curtis Island. The gas brought into the two-train facility will fire the first gas turbine generator to be used for high voltage power generation. A number of plant subsystems have been commissioned so far, including emergency electric power generation, power distribution and switchboards, instrument air, nitrogen, diesel supply, water systems, inlet gas separation and filtration. Santos Downstream GLNG vice president Rod Duke said “Santos GLNG is over 90% complete and on track for first LNG in the second half of 2015”. (Source” Energy News Bulletin, 09/03/2015).

Discoveries

Senex Energy is pleased to announce a Namur oil discovery at its Martlet North 1 well, in the Cooper Basin’s western flank. The well encountered oil shows in the target reservoir and subsequent evaluation of logs indicated vertical pay of 3.2 metres. Shows were also seen in the Birkhead formation. The well was cased and suspended as a future Namur oil producer. (Source: Senex Energy announcement, 24/02/2015).

Senex has had further success at its Growler 14 appraisal well. The well was designed to further evaluate the oil potential of the southern extent of the Growler field. Approximately 6 metres of net porous sand was identified above the field oil to water contact, and a pressure survey showed high permeability and pressure depletion consistent with connectivity to the producing reservoir. The well was subsequently cased and suspended as a future Birkhead producer, with cased hole testing to be undertaken. (Source: Senex Energy announcement, 04/03/2015).

AWE has continued recording encouraging flow test results at its Senecio 3 well in the Perth Basin, confirming its suspicion that the primary target holds commercial potential. The upper part of the Kingia sandstone was the primary target of the well, holding a 10 metre interval which was perforated without stimulation. A preliminary maximum gas flow rate of 18.5 mmscf/d was measured on a 48/64 inch choke. At the end of an 18 hour clean up period, the well flowed gas at an average rate of 12.3 mmscf/d with a well head pressure of 1,980 psig over a 5 hour period on a 36/64 inch choke. The gas composition was predominately methane with a low CO2 content of around 2%. (Source: AWE announcement, 09/03/2015).

Beach Energy is pleased to announce that the Stanleys 1 exploration well successfully recovered oil from a 7 metre gross oil bearing interval in the Birkhead Formation. A drill stem test over an interval from 1,713 metres to 1,724 metres recovered 23 barrels of oil over 117 minutes at a calculated rate of 280 bopd. Consequently, Stanleys 1 will be cased and suspended as a future oil producer. (Source: Beach Energy announcement, 10/03/2015).

 


Permit Updates and Changes

New South Wales


As a result of the NSW Petroleum Titles Buyback Scheme, a number of licence holders have requested the cancellation of their licences -

PEL 437 (Surat Basin) – finalised
PEL 476 (New England Fold Belt) – finalised
PEL 459 (Gunnedah Basin) – pending
PEL 460 (Sydney Basin) – pending
PEL 463 (Sydney Basin) – pending
PEL 464 (Gunnedah Basin) – pending
PEL 5 (Sydney Basin) – pending

In the Sydney Basin, the transfer of 100% of PEL 461 by Dart to Our Energy Group P/L is in the process of being registered.

In the Gunnedah Basin, AJ Lucas will acquire 80% of PEL 445, 80% of PEL 458, 40% of PEL 456  (conventional) and an 80% interest in various drilling and exploration equipment.  AJ Lucas has paid a $500,000 deposit with the remainder of $2m due once due diligence, formal approval and execution of formal documentation has been finalised.  Lawndale Group (Andrew Purcell), previously acquired 100% from Dart Energy with AJ Lucas Group subsequently acquiring 80% from Lawndale.  Lawndale will retain 20% of the three licences.  In PEL 456, Santos has acquired 15% in the coal seam gas rights and will earn an additional 35% after Phase 2 of the work program, leaving AJ Lucas with 40% and Lawndale with 10%. The deal is subject to government approvals.


Northern Territory

In the Vulcan Basin, MEO has executed an Option Agreement with an international exploration company providing the farminee with an option to farmin to AC/P 50 or AC/P 51. The farminee has an option to acquire 30% in the permit. Furthermore, AC/P 50 and AC/P 51 are being renewed.

Also in the Vulcan Basin,
Cosmo Oil Co Ltd has transferred its interests in AC/RL 4 and AC/RL 6 to Cosmo Energy Exploration & Production Co.

In the Amadeus Basin, EP 106 has had its expiry date extended to 27/12/2016.

In the Georgina Basin, Petrofrontier and Statoil have elected to withdraw from EP 127 and EP 128. EP 128 is in the process of being renewed. It is expected that Baraka will also lodge an application for renewal of EP 127 in its own right as 100% permit holder.

In the Petrel Sub Basin, EP 135 has been relinquished.

In the McArthur Basin, EP 162 has had its expiry date extended to 20/11/2017.

In the Beetaloo Basin, EPNT 14-1 is under application as EP(A) 318 by INPEX Oil and Gas Australia P/L.

In the Amadeus Basin,
EPNT14-2 attracted no bids. The area has reverted to vacant acreage.


Queensland

In the Carpentaria Basin, gazettal area PLR 2014-1-1 did not get bids and has reverted to vacant acreage.

In the Georgina Basin, gazettal area PLR 2014-1-2 is under application as ATP 1192 by Armour Energy Ltd 100%.

In the Georgina Basin, gazettal area PLR 2014-1-3 is under application as ATP 1193 by Armour Energy Ltd 100%.

In the Eromanga Basin, gazettal area PLR 2014-1-4 is under application as ATP 1194 by Real Energy’s subsidiary Queensland Oil P/L 100%.

In the Eromanga Basin, gazettal area PLR 2014-1-5 is under application as ATP 1195 by Chi Oil & Gas P/L 100%.

In the Eromanga Basin, gazettal area PLR 2014-1-6 is under application as ATP 1196 by Goshawk (QLD) P/L 100%.

In the Surat Basin, ATP 471 has been renewed as ATP 1190.  The licence was granted on 27/02/2015 and will expire on 28/02/2019. The Rocky Creek East and Dalkeith Blocks both underwent a partial relinquishment and now cover reduced areas of 30 sq km and 91 sq km respectively.

In the Surat Basin, Bridgeport Energy acquired 100% of both ATP 608 and the Rookwood Block of ATP 608.

In the Bowen Basin, Santos QNT P/L is the operator of ATP 685.

In the Bowen Basin, the BG Group’s interest in ATP 688 is held by Hamilbent P/L.

In the Eromanga Basin, ATP 736, ATP 737 and ATP 738 were granted to Senex Energy Ltd 100% on 06/02/2015.  The licences will expire on 28/02/2019.  20% will be assigned to Ocellaris Oil and transferred to Bridgeport Energy (QLD) P/L.  Work programs are as follows -

ATP 736
Year 1
: G&G studies, engineering studies
Year 2: 1 well to 1600m
Year 3: 50 km 2D seismic
Year 4: 1 well to 1600m

ATP 737
Year 1
: G&G studies, engineering studies
Year 2: 30 km 2D seismic
Year 3: 1 well to 1800m
Year 4: G&G studies, engineering studies

ATP 738
Year 1
: G&G studies, engineering studies
Year 2: 40 km 2D seismic
Year 3: 1 well to 1900m
Year 4: G&G studies, engineering studies

In the Surat Basin, ATP 785 was granted to Starzap P/L 100% on 06/02/2015.  The licence will expire in 28/02/2019.  Work program is as follows -

Year 1: G&G studies
Year 2: studies and planning
Year 3: 100 km 2D seismic
Year 4: well planning and design

In the Eromanga Basin, Bridgeport’s interest in ATP 794 and its farmout blocks are held by Bridgeport Energy (QLD) P/L.

In the Cooper Basin, ATP 934 was granted to Bengal Energy (Australia) P/L 50%, SCGAU P/L 30% and AGL Cooper Basin P/L 20% on 27/02/2015.  Overlapping application ATP 935 was refused.  The licence will expire on 28/02/2019. Work program is as follows -

Year 1: G&G studies, 520 km 2D seismic
Year 2: G&G studies, 3 wells to 2500m
Year 3: G&G studies, 1 well to 2500m, 250 km 2D seismic
Year 4: 2 wells to 2500m, G&G studies

In the Bowen Basin, PCA 139 now covers a reduced area of 98 sq km.

In the Bowen Basin, Santos QNT P/L 50% and Australia Pacific LNG P/L 50% have applied for production licence PL 1012 over the Kia Ora field.

In the Bowen Basin, production licence application PL 473 has been withdrawn.

In the Eromanga Basin, Beach’s interests in PL 484 are held by Beach Energy Ltd 65.62% and Mawson Petroleum P/L 27.59%.


South Australia

In the Cooper Basin, as a result of the grant of PRL 173 and PRL 174 the term of PEL 101 ended on 16/02/2015.

In the Eromanga Basin, Terra Nova Energy has sold a 5.1666% interest in each of PEL 112 and PEL 444 to Perseville Investing Inc for a total of $3m. Prior to the closing of the transaction, Perseville owned a 25.6664% interest in each of the permits. Accordingly, Perseville has increased its interest to 30.8330% with Terra Nova holding 20.6667%. Holloman and Perseville are required to transfer an aggregate 5.83% to Terra Nova on both PEL 112 and PEL 444 for each well drilled to a maximum ownership of 49.83%. Perseville is not required to transfer its earning contribution to Terra Nova in the event that it pays its proportionate share of the drill costs. If Perseville elects to fund its share of all five wells, Terra Nova would obtain a 41.05% ownership.

In the Eucla Basin, PEL 143 has been suspended from 16/02/2015 to 15/02/2016. The licence has had its expiry date extended to 14/05/2020.

In the Otway Basin, PEL 154 and PEL 155 have been suspended from 16/02/2015 to 15/02/2016. The licenses have had their expiry dates extended to 14/05/2020.

In the Eromanga Basin, PEL 444 has been suspended from 12/07/2015 to 11/01/2016. The licence has had its expiry date extended to 11/01/2016.

In the Otway Basin, PEL 495 has been suspended from 19/02/2015 to 12/03/2015. The licence has had its expiry date extended to 23/03/2015.

In the Officer Basin, PEL 499 has been suspended from 15/02/2015 to 14/02/2016. The licence has had its expiry date extended to 11/01/2017.

In the Arckaringa Basin, PEL 500 has been suspended from 01/04/2015 to 31/03/2016. The licence has had its expiry date extended to 12/04/2019.

In the Eromanga Basin, PEL 512 has been suspended from 19/01/2015 to 18/07/2015. The licence has had its expiry date extended to 25/10/2018.

In the Eromanga Basin, PEL 515 has been suspended from 26/03/2015 to 25/09/2015. The licence has had its expiry date extended to 05/11/2018.

In the Eromanga Basin, Strike Energy has transferred its interest in PEL 71 to Pontia P/L. Pontia now holds 100% interest.

In the Cooper Basin, Strike Energy's interest in PEL 94 and PEL 95 is held by Strike Energy 94 P/L and Strike Energy 95 P/L respectively.

In the Cooper Basin, Strike Energy's interest in PEL 96 is held by Strike Energy 96 P/L. PEL 96 has been renewed to 12/11/2019. Work program is as follows –

Year 1: G&G studies
Year 2: G&G studies
Year 3: G&G studies
Year 4: G&G studies
Year 5: 1 well, G&G studies

In the Cooper Basin, Orca Energy has entered into a binding sales agreement with Senex Energy to sell 20% in PPL 251, PRL 117 and PEL 110 for approximately $2m in cash, with an effective date 01/01/2015. The transaction is subject to regulatory approvals.

In the Otway Basin, PRL 1 has been renewed to 09/01/2020.

In the Cooper Basin, PRL 173 and PRL 174 have been granted to Acer Energy P/L 80% and Mid Continent Equipment (Australia) P/L 20% on 17/02/2015. The licenses will expire 16/02/2020.

Geothermal

In the Eromanga Basin, GEL 191, GEL 192 and GEL 193 are being renewed.

In the Cooper Basin, GRL 20, GRL 21, GRL 22, GRL 23 and GRL 24 have been renewed to 18/01/2019.

Sequestration

In the Eucla Basin, GSEL 584 to GSEL 587 have been suspended from 15/02/2015 to 14/02/2016. The licenses have had their expiry dates extended to 14/05/2020.


Tasmania

In the Bass Basin, applications for retention leases were lodged with NOPTA 10/2/2015 over Bass, Trefoil and White Ibis in T/18P.


Victoria

Offshore, in the Gippsland Basin, gazettal work program areas V 15-2 and V 15-3, proposed for release in May 2015, have been varied.

Also in the Gippsland Basin, Bass Strait Oil has applied for a variation and a suspension and extension to VIC/P 68.

Onshore, in the Otway Basin, Bridgeport’s interests in PEP 150 and PEP 151 are held by Bridgeport Energy (QLD) P/L.  In PEP 150, Beach’s interest is held by Mawson Petroleum P/L.


Western Australia

In the Carnarvon Basin, no bids were received for W 14-20 and W 14-22 and the areas have reverted to vacant acreage.

In the Barrow Basin, no bids were received for W 14-21 and the area has reverted to vacant acreage.

In the Browse Basin, no bids were received for W 14-23 and the area has reverted to vacant acreage.

Also in the Browse Basin, W 15-18
is a proposed work program area short listed for inclusion in the 2015 Offshore Acreage Release.

In the Carnarvon Basin, the year 3 work program for WA-155-P has been extended by 12 months from 26/02/2015 to 25/02/2016. The licence has had its expiry date extended to 25/02/2018.

In the Carnarvon Basin, the Year 4 work program for WA-202-P has been extended by 9 months from 03/02/2015 to 02/11/2015. The licence has had its expiry date extended to 02/11/2016.

In the Bonaparte Basin, a retention lease application was submitted over the Penguin location in WA-313-P.

In the Carnarvon Basin, Octanex NL has completed the sale with Shell Australia P/L for WA-386-P. As a result, Exmouth Exploration P/L has transferred its interests in WA-386-P to Shell Australia P/L.

In the Petrel Sub Basin, the Ascalon location application over WA-407-P was lodged on 25/02/2015.

In the Carnarvon Basin, WA-469-P and WA-470-P are being relinquished.

In the Petrel Sub Basin, MEO has executed an Option Agreement with an international exploration company providing the farminee with an option to immediately acquire 30% in WA-488-P, and has an option for an additional 10% and a further option for an additional 40%.

In the Carnarvon Basin,
NWS O&G P/L has transferred its 80% interest in WA-507-P to Rampart Energy Ltd.

In the Browse Basin, W 14-4 was granted as WA-513-P to Santos Offshore P/L 60% and INPEX Browse E&P P/L 40% on 23/02/2015. The licence will expire 22/02/2021. Work program is as follows –

Year 1: 335 sq km Schild 3D seismic, 165 sq km Caswell 3D seismic, 335 sq km pre-stack depth migration, 335 sq km simultaneous & stochastic inversion, G&G $5.048m
Year 2: G&G $0.3m
Year 3: G&G $0.3m
Year 4: 160 sq km 2D seismic $3.05m
Year 5: G&G $0.3m
Year 6: G&G $0.3m

In the Browse Basin, W 14-5 was granted as WA-514-P to Santos Offshore P/L 60% and INPEX Browse E&P P/L 40% on 23/02/2015. The licence will expire 22/02/2021. Work program is as follows –

Year 1: 415 sq km Schild 3D seismic, 415 sq km pre-stack depth migration, 415 sq km simultaneous & stochastic inversion, G&G $4.209m
Year 2: G&G $0.3m
Year 3: G&G $0.3m
Year 4: well planning $0.5m
Year 5: 1 well $30m
Year 6: G&G, economic & commercial evaluation $0.3m

In the Carnarvon Basin, W 14-7 was granted as WA-515-P to Tap Oil Ltd on 06/03/2015. The licence will expire on 05/03/2021. Work program is as follows –

Year 1: 160 sq km 3D seismic reprocessing $0.1856m
Year 2: rock physics/QI & geotechnical studies $0.4m
Year 3: geotechnical studies $0.2m
Year 4: 160 sq km 3D seismic $2.5m
Year 5: geotechnical studies $0.2m
Year 6: 1 well $15m

In the Barrow Sub Basin, W 14-16 was granted as WA-516-P to Tap Oil Ltd on 06/03/2015. The licence will expire on 05/03/2021. Work program is as follows –

Year 1: 160 sq km 3D seismic reprocessing $0.1856m
Year 2: rock physics/QI & geotechnical studies $0.4m
Year 3: geotechnical studies $0.2m
Year 4: 160 sq km 3D seismic $2.5m
Year 5: geotechnical studies $0.2m
Year 6: 1 well $15m

In the Canning Basin, Key Petroleum has executed a sale agreement to acquire Pancontinental Oil & Gas and FAR’s interests in EP 104, R1 and L 15. The acquisition is conditional upon standard mines department approvals.

In the Carnarvon Basin, the indicative agreement between Bounty Oil & Gas and Empire Oil & Gas for Bounty to buy Empire’s Carnarvon Basin permit interests in EP 325, EP 359, EP 412, EP 433, EP 434, EP 435 and L 16 has been terminated by mutual consent. As a result Empire has given notice that it will relinquish operatorship and its interest in EP 435 and EP 359 and Bounty will assume those interests and operatorship, subject to joint venture and regulatory approvals.

In the Carnarvon Basin, EP 325 is being relinquished.

In the Perth Basin, EP 368 is being renewed.

In the Perth Basin, the year 6 work program for EP 426 has been extended to 31/03/2016.  The licence has also had its expiry date extended to 31/03/2016. The year 6 work program is now - 2800 km gravity survey $0.4m.

In the Perth Basin, the year 6 work program for EP 432 has been extended to 31/03/2016.  The licence has also had its expiry date extended to 31/03/2016. The year 6 work program is now -1490 km gravity survey $0.21m.

In the Perth Basin, Eneabba Gas entered into a binding heads of agreement with Greenpower Energy for an option to acquire Greenpower’s subsidiary GCC Methane P/L which owns 50% in EP 447. Eneabba has 45 days to elect to exercise the option. Greenpower will retain a 2.5% royalty interest on production.

In the Perth Basin, the year 6 work program for EP 454 has been extended to 31/03/2016.  The licence has also had its expiry date extended to 31/03/2016. The year 6 work program is now -1145 km gravity survey, seismic reprocessing $0.4m.

In the Canning Basin, EP 493 was granted to Finder Shale P/L 100% on 01/03/2015. The licence will expire on 28/02/2018. Work program is as follows –

Year 1: G&G studies, 220 km 2D seismic $2.6m
Year 2: G&G studies, 3 wells $17.95m
Year 3: G&G studies $1.6m
Year 4: G&G studies, 1 well $8.2m
Year 5: G&G studies $0.35m
Year 6: G&G studies, commerce studies $0.3m

In the Officer Basin, L 13-4 is under application as STP-EPA-116 by Tamboran Resources P/L.

In the Officer Basin, L 13-5 is under application as STP-EPA-118 by Australasian Energy P/L 50% and Palatine Energy P/L 50%.

In the Perth Basin, L 13-3 is under application as STP-EPA-123 by Dragon Energy Ltd.

In the Canning Basin, the Nyikina Mangala and Karajarri Yanja People have agreed to the grant of Buru Energy/Mitsubishi’s two applications for production licences, STP-PRA-4 and STP-PRA-5, and
other tenure required for the commercial development of the Ungani oil field. Subject to the final Native Title approval by the Yawuru People, the JV will then progress to the grant of the production licence from the DMP.

In the Barrow Basin, an application to suspend the TR/4 work program and extend the licence date has been lodged with the DMP - a decision is pending.


New Zealand

In the East Coast Basin, East West Petroleum (NZ) Ltd has transferred its 40% interest in PEP 55770 to Eastern Petroleum (NZ) Ltd.


Papua New Guinea

In the Papuan Basin, an extension to PPL 265 was not granted and this area now reverts to vacant acreage.


The final condition for Kirkland's sale of 50% of PPL 269 to Barracuda has been met and the Minister for Petroleum and Energy has approved the transaction.

Oil Search (PNG) Ltd 100% has applied for APPL 504 over 2,043 sq km.


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