Projects in Australia
Australia – Perth Basin
EP-447 Walyering Gas Field, rights to earn 70% and operatorship.
This asset has been acquired consistent with strategy and is assessed by the Company to be a “left-behind” gas field with considerable upside to that currently recognised by the industry.
The Walyering Gas Field is one of a number of early gas discoveries by basin pioneer WAPET in the late 1960’s and early 1970’s. The largest was the Dongara Gas Field (+400 Bcf) that provided the original gas supply to industry and domestic users in Perth, the capital city of Western Australia.
When the Dongara Field in the very north of the Basin was developed, the Parmelia Pipeline was diverted to tie in (enroute South to Perth) the Walyering and Gin Fin has discovery respectively. Both these fields, due to well completions in limited reservoir, compartment depleted quickly and were shut in. Subsequently in the late 2000’s the Gin Gin field, covered by 3D seismic, was the subject of further appraisal and development drilling and now produce some 9 MMcf of gas with condensate.
Pancontinental believes that with better definition by 3D seismic the Walyering Field will prove to have gas reserves larger than those being produced at Gin Gin and is in the process of estimating the net resource potential.
Gas System and Play Characteristics
- Wet gas, becoming more liquids rich with depth
- Project accessing wet gas-mature Jurassic source rocks
- Faulted anticline broken into numerous compartments but largest undrilled
- Gas discovered and produced to surface from 3 wells drilled on both east and west flank of large anticline but crest undrilled
- Good modern drilling techniques the key
- Gas trunkline and main highway run across the structure
Planned Work Program
Permitting activities, involving environmental and heritage surveys for a 90km² 3D seismic survey are progressing. By securing the seismic permit, Pancontinental will have the right to acquire 70% and Operatorship of the Walyering Gas Field by acquiring a 3D seismic survey, commencing prior to the end of 2018.
Recoverable gas resources being reassessed positively and will be published in due course.
If all goes to plan, seismic acquisition would commence during the dry weather period between March and June 2018.