May 2012

Monthly Update
The May 2012 data update is now available ...

APPEA 2012
The 2012 APPEA Conference is being held at the Adelaide Convention Centre from 13th to 16th May. You will find us at stand 219 in the main Exhibition Hall ...

2012 Federal Gazettal of Offshore Areas
Areas for release in the 2012 Federal Gazettal have been finalised with 27 areas in all being released ...

Industry Summary
Cooper Energy and Somerton Energy have today advised that they have agreed to merge via Cooper making an off-market takeover bid for all the shares in Somerton, valuing the company at $31.5 million ...

Permit Updates and Changes
On 2nd May 2012, Petrel Energy announced that it had accepted firm offers from two independent parties for all of its interests in seven onshore PELs in NSW. The two transactions will cover permit interests ...

Monthly Update

The May 2012 data update is now available.

APPEA 2012

The 2012 APPEA Conference is being held at the Adelaide Convention Centre from 13th to 16th May. You will find us at stand 219 in the main Exhibition Hall so please drop by to say hello. In attendance will be Angela Willett, Catherine Speed, Cynthia Thomas and Ricardo Hernandez.

2012 Petroleum Permits of Australasia Map and Book

As usual, the first day of the APPEA Conference will see the release of new editions of the Petroleum Permits of Australasia Map and Book which will be available for purchase from stand 219 at the conference. Maps and books pre-ordered with conference registration should also be collected from the stand.

The map and book will be available for purchase by mail order from our Sydney office after the completion of the conference. Please click here to download a copy of the order form.

2012 Federal Gazettal of Offshore Areas

Areas for release in the 2012 Federal Gazettal have been finalised with 27 areas in all being released.

Licence            Basin                         Closing Date

NT 12-1             Money Shoal                 09/05/2013
NT 12-2             Money Shoal                 09/05/2013
NT 12-3             Petrel Sub                     08/11/2012
S 12-1               Ceduna                         09/05/2013
S 12-2               Ceduna                         09/05/2013
S 12-3               Ceduna                         09/05/2013
S 12-4               Otway                           08/11/2012
T 12-1               Otway                           08/11/2012
T 12-2               Sorell                            09/05/2013
V 12-1               Otway                           08/11/2012
V 12-2               Otway                           08/11/2012
V 12-3               Gippsland                     09/05/2013
V 12-4               Gippsland                     09/05/2013
W 12-1             Petrel Sub                     08/11/2012
W 12-2             Petrel Sub                     08/11/2012
W 12-3             Browse                         08/11/2012
W 12-4             Browse                         08/11/2012
W 12-5              Browse                         08/11/2012
W 12-6             Rowley Sub                  09/05/2013
W 12-7             Rowley Sub                  09/05/2013
W 12-8             Carnarvon                     08/11/2012
W 12-9             Barrow                          08/11/2012
W 12-10            Carnarvon                     09/05/2013
W 12-11            Carnarvon                     09/05/2013
W 12-12            Carnarvon                     08/11/2012
W 12-13            Carnarvon                     08/11/2012
W 12-14            Carnarvon                     08/11/2012.

Industry Summary

Company News

Cooper Energy and Somerton Energy have today advised that they have agreed to merge via Cooper making an off-market takeover bid for all the shares in Somerton, valuing the company at $31.5 million. Cooper is offering either one Cooper share for every 2.8 Somerton shares or one share for every 4.73 Somerton shares plus 9 cents for each Somerton share. The offer closes 7 June 2012 and is subject to standard conditions and a 90% minimum acceptance. (Source: Cooper Energy announcement, 19/04/2012, 03/05/2012).

Tap Oil has entered into a binding agreement with Rusa Resources to participate in the exploration of acreage in the onshore Carnarvon Basin, Western Australia. Rusa holds ownership in two special prospecting authority applications with acreage options STP-SPA-0018 and STP-SPA-0021. Up to half of the SPA areas can be converted into exploration permits, which Tap will earn the right to take a 20% interest in the resulting exploration permits on election, with an option to earn an additional 15% in each permit. (Source: Tap Oil announcement, 24/04/2012).

Hess Corporation has expanded its Australian onshore exploration operations by acquiring Kingsway Oil, including its permits and applications in the Canning Basin, Western Australia. Exploration permits are EP 429 and EP 449 and applications are 1/08-9 EP, 2/08-9 EP, 13/07-8 EP and 14/07-8 EP. (Source: Business Spectator, 13/04/2012).

Tap Oil Ltd is pleased to announce that it has today completed the sale of its wholly owned subsidiary Tap (Harriet) P/L to a subsidiary of Apache Corporation. Tap (Harriet) P/L holds a 12.2229% interest in the Harriet Joint Venture as well as a 10% interest in WA-45-R, WA-46-R and a 20% interest in WA-334-P. With the sale completing, Tap has now received the US$10 million and all liabilities relating to the Harriet Joint Venture have been transferred. The effective date of the transaction is 1 January 2012. (Source: Tap Oil announcement, 30/04/2012).

Green Rock Energy Ltd has exercised its option and payment has been made to acquire a 20% beneficial interest in the Backreef Area, Canning Basin for $2.5 million. Green Rock has attained the interest through acquisition of Oil Basin’s wholly owned subsidiary OBL Backreef No 5 P/L, giving Green Rock 20% in permits EP 129 BR and L 6 BR. (Source: Green Rock Energy announcement, 01/05/2012).

New Standard and ConocoPhillips have agreed to amendments to the Goldwyer farm-in agreement executed in September 2011. The amendments include an increase to ConocoPhillips’ 100% funding cap for each of the three Phase 1 wells to US$13 million per well. New Standard will also be required to fund the costs of any overruns in excess of these Phase 1 well caps and have also agreed to fund 25% of the scientific studies and formation evaluation work. The increase in funding caps for the Phase 1 wells will not impact ConocoPhillips’ capped expenditure commitments for the other Phases in the project. The Goldwyer project covers EP 443, EP 450, EP 451, EP 456 and application areas 1/09-0 EP, 2/09-0 EP and 5/09-0 EP. (Source: New Standard Energy announcement, 26/04/2012).

Development News

ConocoPhillips has confirmed the Australia Pacific joint venture is on track to approve a second train for the $19 billion Australia Pacific LNG Project in Gladstone. Conoco investor relations vice-president Clayton Reasor said the joint venture expects to make a final investment decision on train two during the second quarter, adding that the project was on track to deliver first LNG from train one by mid-2015. The second train is expected to cost another $US6 billion and take the production capacity of the project to 9MMtpa. (Source: Energy News Premium, 24/04/2012).

Chevron Corporation have today announced that its Australian subsidiaries have signed a non-binding Heads of Agreement with Chubu Electric Power Company Inc for the delivery of LNG from the Chevron operated Wheatstone LNG Project in Western Australia. Under the agreement, Chevron together with partners Apache and KUFPEC, is expected to deliver 1 million tonnes per annum of LNG to Chubu for up to 20 years. (Source: Energy News Premium, 18/04/2012).

Woodside has produced first LNG from its $14.9 billion Pluto LNG Project located near Karratha in Western Australia. Woodside chief executive officer Peter Coleman has described the start of LNG production as a defining moment. “Pluto cements Woodside’s position as a major supplier of LNG to the Asia-Pacific region and builds on our position as a global leader in upstream oil and gas,” he said. The start of LNG production brings the first shipment of LNG one step closer, however no date has been given as to when this will be. Woodside was originally targeting first LNG cargo by the end of March. (Source: Woodside announcement, 30/04/2012, Energy News Premium, 01/05/2012).

Woodside has accepted an offer from Japan Australia LNG (MIMI Browse) P/L to purchase a portion of Woodside’s equity in the proposed Browse LNG Development for US$2 billion. MIMI will take a 16% interest in the East Browse joint venture and 8% interest in the West Browse joint venture, giving MIMI an estimated 14.7% interest in the Browse development. Woodside’s unitised interest in Browse will drop from 46% to 31.3% and will remain operator of the project. Furthermore, Woodside has accepted an offer from MIMI for a long-term sales and purchase agreement for around 1.5 million tonnes of LNG a year from the Browse development subject to completion of the equity offer. The closing of the transaction is expected in the third quarter of 2012 with an effective date of 1 January 2012. The offer is subject to joint venture pre-emption rights. (Source: Woodside announcement, 01/05/2012, Mitsui & Co announcement, 01/05/2012).

Origin Energy Ltd has announced the signing of a binding Heads of Agreement for gas supply with the GLNG Project participants for the purchase of 365 petajoules of gas for supply to the GLNG project. Under the agreement, Origin will supply the gas over 10 years at Wallumbilla, commencing in 2015. The gas will be sourced from Origin’s east coast portfolio. (Source: Origin Energy announcement, 02/05/2012).

Shell has sold a combined 15% equity in the Prelude Floating LNG Project offshore, Western Australia. Shell has signed separate agreements with Korea Gas Corporation for a 10% stake and with CPC Corporation, Taiwan for 5%. Shell recently sold a 17.5% stake in the Prelude project to INPEX, leaving Shell with 67.5% interest in Prelude. The completion of the transactions is subject to conditions precedent including regulatory approvals. (Source: Shell First Quarter Results, 26/04/2012, Energy News Premium, 30/04/2012).

Discoveries

Beach Energy’s Cooper Basin shale gas campaign has continued to deliver with the Encounter 1 well flowing at more than 500,000 cubic feet of gas per day from a single-stage fracture stimulation targeting the Patchawarra Formation. Beach said the flow is expected to improve as the well is further opened up and the stimulation fluid reduces over the coming days. Encounter 1 will be flow tested for approximately 6 weeks, after which the test will be suspended and the well shut-in until the return of the fracture stimulation in June/July. At that time, the remaining target sections of the well will be fracture stimulated. (Source: Beach announcement, 27/04/2012, Energy News Premium, 30/04/2012).

Senex Energy has resumed production at the Snatcher Oil Field in PEL 111 of the South Australian Cooper Basin. Appraisal activities at Snatcher ceased in January 2010 following a one in forty year flood that cut off access to the two producing oil wells, Snatcher 1 and Snatcher 2. New hydraulic pumps are currently being installed at Snatcher 1 and Snatcher 2 to reinstate production. Before the floods, the two wells were producing at a combined rate of 500 barrels of oil per day from the mid Birkhead channel sands. Senex has advised that production from the two wells should be brought back online within weeks. (Source: Senex announcement, 04/05/2012).

Horizon Oil’s Ketu 2 appraisal well located in PRL 2 in Papua New Guinea has flowed at 20 million cubic feet of gas per day on a test of the lower 9m of the Elevala sandstone, with no formation water brought up. The gas does contain condensate, which cannot be measured accurately at this stage, but Horizon expects it to be in line with the gas condensate ratio observed at Elevala 1 of about 60 barrels per million cubic feet of gas. The forward plan is to establish a stable maximum gas rate before performing a multi-rate test to establish the well capacity profile. (Source: Horizon Oil announcement, 04/05/2012, Energy News Premium, 07/05/2012).

Permit Updates and Changes

New South Wales

On 2nd May 2012, Petrel Energy announced that it had accepted firm offers from two independent parties for all of its interests in seven onshore PELs in NSW. The two transactions will cover permit interests in PEL 6, PEL 427, PEL 428 and PEL 455 in the Surat/Bowen Basin and PEL 422, PEL 424 and PEL 471 in the Darling Basin. Total consideration is $1 million before costs. The two separate sales are subject to certain conditions including finalisation of necessary documentation and the execution of binding sales and purchase agreements.

The NSW Aboriginal Land Council has applied for special prospecting authorities PSPAPP 58 and PSPAPP 60 over 231 sq km and 65,455 sq km respectively.

Northern Territory

In the Bonaparte Basin, AC/P 24 has had its expiry date extended to 07/02/2013.

In the Vulcan Basin, AC/P 33 and has been renewed to 09/02/2017.

Also in the Vulcan Basin, AC/P 40 has had its expiry date extended to 28/10/2014.

On the Ashmore Platform, AC 11-2 was granted as AC/P 55 to Finder No 13 P/L 100% on 04/05/2012. The licence will expire on 03/05/2018. Work program is as follows –

Year 1: license 80k of pre-existing 3D seismic, geotechnical studies $0.21m
Year 2: geotechnical studies $0.1m
Year 3: 400k 3D seismic, 320k 3D seismic reprocessing, geotechnical studies $4.64m
Year 4: geotechnical studies $0.1m
Year 5: geotechnical studies $0.1m
Year 6: 1 well, geotechnical studies $17.1m

In the Beetaloo Basin, EP(A) 136, EP(A) 143 and EP(A) 197 are now under application by Sweetpea Petroleum P/L 50% and Paltar Petroleum Ltd 50%.

In the Bonaparte Basin, EP(A) 138 has undergone a partial relinquishment and now covers 6,921 sq km.

In the Georgina Basin, EP(A) 161 has undergone a partial relinquishment and now covers 13,373 sq km.

In the Wiso Basin, EP(A) 296 is a new application by Merlin Energy P/L.

In the Arunta Basin, EP(A) 298 is a new application by Oates, T.

In the Wiso Basin, the area of EP(A) 92 has been reduced due to new application EP(A) 296. EP(A) 92 now covers 8,562 sq km.

Geothermal Permits

In the Arunta Basin, GEP 27831 has undergone a partial relinquishment and now covers 731 sq km.

In the Georgina Basin, GEP 28120 has been surrendered by Barkly Energy P/L.

Queensland

In the Eromanga Basin, Australian-Canadian Oil Royalties, through its subsidiary Cooper-Erom Oil Inc has farmed out 50% of ATP 582P. The farm-in partner will pay for Native Title clearance, conduct a 2D seismic program and drill one well.

In the Galilee Basin, interests in ATP 1020P are being transferred to Surat Gas P/L, a subsidiary of Coalbank Ltd.

In the Bowen Basin, Comet Ridge’s interest in the ATP 337P Mahalo farmout block is held by Comet Ridge Mahalo P/L. In addition, interests in PL 448 are the same as for ATP 337P Mahalo Farmout Block with Stanwell Corp acquiring 5% from Comet Ridge.

In the Surat Basin, Stanwell acquired a further 0.75% from Tri-Star Petroleum Co in ATP 606P and ATP 972P (and associated production licences PL 297, PL 403, PL 404, PL 405, PL 406, PL 407, PL 408, PL 412, PL 413, PL 444, PL 469, PL 470 and PL 471).

Also in the Surat Basin, BG Group's interest in ATP 648P is now held by QGC P/L 48.125% and BG International Ltd 20.625%.

In the Surat Basin, CS Energy's 50% interest in ATP 676P Kogan North and PL 194 was transferred to Stanwell Corp.

In the Eromanga Basin, ATP 789P has undergone a partial relinquishment and now covers a reduced area of 950 sq km.

In the Surat/Bowen Basin, Kea Petroleum is no longer involved in ATP 837P. Conventional interests are Energetica Resources 50% and Rawson Resources 50%. CSG interests are TRUenergy Queensland 70%, Energetica Resources 15% and Rawson Resources 15%.

In the Adavale Basin, Resolve Geo P/L now holds 100% of ATP 946P.

In the Surat Basin, Brisbane Petroleum NL and Delbaere Associates P/L hold a combined 3% ORR on the interests in PL 18 (100%), PL 18 FO (90%), PL 40 (100%) and PL 280 (50%) sold to Australian-Canadian Oil Royalties. Australian-Canadian Oil Royalties’ interest is held by Chelsea Oil Australia P/L.

In the Surat Basin, BG Group's interests in PL 179, PL 180, PL 228, PL 229 and PL 263 are held by QGC P/L 41.562% and BG International Ltd 17.813%.

South Australia

On 27 February 2012, Holloman Energy terminated the farm-in agreement with Brandenburg Energy for Eromanga Basin permits PEL 112 and PEL 444. Interests in the permits went back to Holloman Energy Corp 66.67%, Ely Sakhai 16.67% and Australian-Canadian Oil Royalties Ltd 16.67%. Furthermore, on 19 March 2012 Holloman Energy entered into a non-binding letter of intent with Terra Nova Energy which provides that Terra Nova may earn a 55% working interest in PEL 112 and PEL 444 by funding seismic acquisition and a six well drilling program. The farm-in is subject to a number of terms including the signing of a definitive agreement.

In the St Vincent Basin, PEL 120 has been renewed over a reduced area to 02/10/2016 and now covers 6,335 sq km. The 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

In the Otway Basin, PEL 154 and PEL 155 have been renewed over a reduced area to 31/12/2016. The permits now cover 302 sq km and 225 sq km respectively. The work program for both permits 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

In the Eromanga Basin, PELA 605 and PELA 607 are new applications by Oates, T.

In the Adelaide Fold Basin, PELA 606 is a new application by SAPEX Ltd.

In the Cooper Basin, PPL 63 and PPL 64 are in the process of being renewed.

Geothermal Permits

In the Otway Basin, GEL 214 has undergone a partial relinquishment and now covers 1,912 sq km.

In the Cooper Basin, GEL 220 has undergone a partial relinquishment and now covers 633 sq km.

In the St Vincent Basin, GELA 266 has had its area extended and now covers 76 sq km.

Tasmania

Offshore in the Otway Basin, no bids were received for gazettal area T 11-1 and the area will not be re-released.

In the Bass Basin, Jubilant has settled arbitration with Tap in relation to T/47P and has paid A$1.67 million in full and final settlement. As part of the settlement the participating interests of Tap Oil and Jubilant will be 61.5% and 38.5% respectively.

Onshore, NBD Partners intend to earn 49% in EL 14/2009 in exchange for an investment of US$50m.

Victoria

Two onshore areas have been gazetted in the Otway Basin. VIC/O 12-1 and VIC/O 12-2 cover 1,821 sq km and 3,475 sq km respectively and will close on 08/12/2012.

Offshore in the Otway Basin, V 11-2 was granted as VIC/P 67 to WHL Energy Ltd 100% on 04/05/2012. The licence will expire on 03/05/2012. Work program is as follows -

Year 1: 1000k 2D seismic reprocessing, geotechnical studies $1.1m
Year 2: geotechnical studies, 811k 3D seismic $9m
Year 3: 2 exploration wells, 650k 2D seismic, geotechnical studies $52m
Year 4: geotechnical studies $1m
Year 5: 1 exploration well $25m
Year 6: geotechnical studies $1m

In the Bass Basin, V 11-5 was granted as VIC/P 68 to Bass Strait Oil Co Ltd 100% on 04/05/2012. The licence will expire on 03/05/2012. Work program is as follows -

Year 1: geotechnical studies $0.25m
Year 2: geotechnical studies $0.25m
Year 3: 225k 3D seismic $3m
Year 4: geotechnical studies $0.25m
Year 5: 1 exploration well $20m
Year 6: geotechnical studies $0.25m

The offer of V 11-4 was declined and the area is currently under consideration for re-release.

Onshore in the Gippsland Basin, Beach Energy and Somerton Energy earned 10% and 5% of the respectively in the Trifon block of PRL 2 with the completion of Phase 1 of the JV.

Western Australia

In the Perth Basin, Cottesloe Oil & Gas failed to raise funds and the farmin agreement to EP 389 with Empire did not proceed. Furthermore, EP 389 has been renewed to 26/04/2017. Work program is as follows –

Year 1: geotechnical studies, 1 well $11.9m
Year 2: 50k 3D seismic $2m
Year 3: 3D seismic reprocessing & interpretation $0.3m
Year 4: 1 well $5m
Year 5: geotechnical studies $0.1m

In the Perth Basin, CalEnergy Resources has elected to withdraw from EP 437 leaving Key and Empire with 50% interest each. Empire will assume role of operator.

Also in the Perth Basin, Titan Energy has reached an agreement with AWE Ltd to increase its interest in EP 455 to 18.5% subject to approval of work program variation. Titan and AWE are applying to the Department of Mines and Petroleum for approval to combine the year 5 and year 6 work programs with the intent that the relevant exploration well and fraccing of it are to be completed by 21 June 2013.

In the Canning Basin, EP 477 and EP 478 have had their expiry dates extended to 31/01/2016.

The following onshore release areas did not receive any bids - L 10-12, L 11-6, L 11-7, L 11-8, L 11-9 and T 11-3 and now revert to vacant acreage.

In the Canning Basin, R 1 has had its expiry date extended to 31/01/2016.

In the Barrow Basin, TP/8 is in the process of being renewed.

In the Browse Basin, the expiry date for WA-314-P has been corrected to 11/02/2013.

In the Carnarvon Basin, BHP Billiton Petroleum (Australia) P/L has completed a farm-in agreement with Woodside Energy to acquire 40% interest in WA-389-P. Under the agreement, BHP Billiton will pay up to a capped amount for 100% of the drilling of the Banambu Deep 1 prospect. Following government approval participant interests will be Woodside 25%, Cue Exploration P/L 35% and BHP Billiton 40%.

In the Browse Basin, WA-398-P has had its expiry date extended to 30/04/2016.

In the Carnarvon Basin, Woodside has completed a 25% farm-down in WA-433-P to Sasol. Woodside is still operator with 45%, Sasol 35% and Mitsui 20%.

In the Carnarvon Basin, BHP and Woodside have transferred their interests WA-44-R and WA-44-R FO to Apache and INPEX.

In the Beagle Basin, W 10-7 was granted as WA-468-P to Finder No 14 P/L 100% on 04/05/2012. The licence will expire on 03/05/2018. Work program is as follows –

Year 1: 1200k 3D seismic reprocessing, geotechnical studies $0.75m
Year 2: geotechnical studies, license 450k reprocessed 3D seismic $0.75m
Year 3: 200k 2D seismic, geotechnical studies $0.3m
Year 4: geotechnical studies $0.1m
Year 5: geotechnical studies $0.1m
Year 6: 1 well, geotechnical studies $17.1m

In the Carnarvon Basin, W 10-21 offered as WA-469-P to BHP Billiton Petroleum (Australia) P/L 100% on 04/05/2012. The licence will expire on 03/05/2018. Work program is as follows –

Year 1: 923k 3D seismic, 161k 3D seismic reprocessing $11.25m
Year 2: geotechnical studies $0.5m
Year 3: geotechnical studies $0.5m
Year 4: 1 well $48m
Year 5: geotechnical studies $0.5m
Year 6: geotechnical studies $0.5m

In the Carnarvon Basin, W 10-22 offered as WA-470-P to BHP Billiton Petroleum (Australia) P/L 100% on 04/05/2012. The licence will expire on 03/05/2018. Work program is as follows –

Year 1: 235k 3D seismic, 721k 3D seismic reprocessing $7.98m
Year 2: geotechnical studies $0.5m
Year 3: geotechnical studies $0.5m
Year 4: 1 well $48m
Year 5: geotechnical studies $0.5m
Year 6: geotechnical studies $0.5m

In the Browse Basin, W 11-1 offered as WA-471-P to IPM Browse P/L 100% on 04/05/2012. The licence will expire on 03/05/2018. Work program is as follows –

Year 1: geotechnical studies $0.5m
Year 2: 600k 3D seismic, geotechnical studies $8m
Year 3: 1 well, geotechnical studies $15.5m
Year 4: geotechnical studies $0.2m
Year 5: 1 well, geotechnical studies $15.2m
Year 6: geotechnical studies $0.2m

In the Carnarvon Basin, W 11-10 offered as WA-472-P to Woodside Energy Ltd 100% on 04/05/2012. The licence will expire on 03/05/2018. Work program is as follows –

Year 1: 3023k 3D seismic, geotechnical studies $19.39m
Year 2: geotechnical studies $0.8m
Year 3: 2 wells, geotechnical studies $34.7m
Year 4: geotechnical studies, 1000k 3D seismic reprocessing $1.18m
Year 5: geotechnical studies $0.5m
Year 6: 1 well, geotechnical studies $17.7m

In the Carnarvon Basin, W 11-11 offered as WA-473-P to Woodside Energy Ltd 100% on 04/05/2012. The licence will expire on 03/05/2018. Work program is as follows –

Year 1: geotechnical studies $0.5m
Year 2: 1541k 3D seismic, geotechnical studies $10.13m
Year 3: geotechnical studies $0.7m
Year 4: 1 well, geotechnical studies $17.7m
Year 5: geotechnical studies $0.5m
Year 6: 600k seismic reprocessing, geotechnical studies $0.89m

In the Carnarvon Basin, W 11-12 offered as WA-474-P to Hess Australia (Offshore) P/L 100% on 04/05/2012. The licence will expire on 03/05/2018. Work program is as follows –

Year 1: 1045k 3D seismic reprocessing $8.75m
Year 2: geotechnical studies $0.5m
Year 3: geotechnical studies $0.5m
Year 4: 1 well $50m
Year 5: geotechnical studies $0.5m
Year 6: geotechnical studies $0.5m

In the Carnarvon Basin, W 11-13 offered as WA-475-P to BHP Billiton Petroleum (Australia) P/L 60% and Apache Northwest P/L 40% on 04/05/2012. The licence will expire on 03/05/2018. Work program as follows –

Year 1: 192k 3D seismic, 1 well $54.49m
Year 2: 1 well, 884k 3D seismic reprocessing $52.59m
Year 3: geotechnical studies $0.5m
Year 4: 1 well $50m
Year 5: geotechnical studies $0.5m
Year 6: geotechnical studies $0.5m

In the Carnarvon Basin, W 11-15 offered as WA-476-P to Murphy Australia Oil P/L 100% on 04/05/2012. The licence will expire on 03/05/2018. Work program is as follows –

Year 1: 641k 3D seismic reprocessing, geotechnical studies $1.3m
Year 2: geotechnical studies, 100k 2D seismic $0.3m
Year 3: geotechnical studies $0.2m
Year 4: 1 well $20m
Year 5: geotechnical studies $0.2m
Year 6: geotechnical studies $0.2m

Geothermal Permits

In the Perth Basin, GEP 3, GEP 4, GEP 39 and GEP 40 have been withdrawn by Green Rock Energy Ltd.

New Zealand

In the Taranaki Basin, the area for 12TAR5 has been reduced due to the extension of land grant for PEP 51150. 12TAR5 now covers 4.5 sq km.

In the Waikato Basin, an extension of duration for PEP 381204 is currently pending.

In the Canterbury Basin, PEP 38264 has been renewed to 07/11/2016. Work program is as follows –

12 months: 1387k 2D seismic reprocessing, 1000k 2D seismic
24 months: studies
36 months: 1000k 2D seismic, studies
48 months: studies
60 months: studies, 2000k 2D seismic
78 months: studies, 2000k 2D seismic reprocessing
90 months: 2000k 2D seismic
102 months: 1 well
120 months: 1 well

In the East Coast Basin, PEP 38348 and PEP 38349 have been renewed over reduced areas to 07/11/2016. The permits now cover 803 sq km and 2,564 sq km respectively. The work program for PEP 38348 is as follows -

12 months: studies
24 months: 20k 2D seismic, studies
41 months: 1 well
48 months: studies
53 months: 1 well
60 months: studies
74 months: 1 well, 65k 2D seismic
90 months: 30k 2D seismic reprocessing
100 months: 1well
120 months: studies

PEP 38349 work program is as follows –

12 months: studies
24 months: 30k 2D seismic, studies
40 months: deepen well at Bore Hill
52 months: studies, 1 well
60 months: studies
74 months: 1 well, 65k 2D seismic
90 months: 30k 2D seismic
100 months: 1 well
120 months: studies

In the Taranaki Basin, an extension of duration for PEP 38614 is currently pending.

In the Taranaki Basin, an extension of land has been granted for PEP 51150. The permit now covers 377 sq km.

In the Taranaki Basin, L&M is withdrawing from PEP 52181 subject to government consent.

In the Southland Basin, PEP 53572 was granted to Solid Energy New Zealand Ltd 100% on 27/04/2012. Licence will expire on 26/04/2017. Work program is as follows –

6 months: data study
12 months: new aerial photography and digital terrain data, 1 well
24 months: 1 well
36 months: 1 well
48 months: 1 well, 20k 2D seismic
60 months: 1 well, studies

Joint Petroleum Development Area

The JPDA 06-103 JV has selected and proposed the additional 25% relinquishment which was required as the condition to extend the licence, bringing total relinquishment to 50%.

Papua New Guinea

In the Papuan Basin, APPL 386 by the Oil Search-led consortium has been refused.

Also in the Papuan Basin, Kina Petroleum 50% and Cottesloe Oil & Gas 50% have applied for APPL 387 over 769 sq km.

In the New Ireland Basin, Petromin PNG Holdings has applied for APPL 415 (12,035 sq km), APPL 416 (17,182 sq km), APPL 417 (16,894 sq km) and APPL 420 (16,038 sq km).

In the Papuan Basin, Sasol Petroleum PNG Ltd has applied for APPL 426 over 6,827 sq km.

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