FAR Ltd., Australia's independent oil and gas explorer, reported Tuesday that a geotechnical evaluation of the company's offshore Western Australia exploration permits WA-457-P and WA-458-P in Australia’s Dampier Basin has identified multiple prospects with total prospective resources amounting to 447 million barrels of oil equivalent, or MMboe, (unrisked best estimate basis) net to FAR.
Existing extensive vintage 3D seismic and 2D seismic data covering both permits as well as exiting well data were used to calculate the resource estimates.
The permits are located within an active petroleum system on the North West Shelf and are surrounded by oil and gas discoveries. Water depths are 82 to 361 feet (25 to 110 meters).
In a new 3D seismic survey covering both permits planned for mid-2014, FAR will use recently developed modern acquisition and processing techniques that are optimized for hydrocarbon detection. FAR will use this new data to high grade and de-risk prospects identified for future drilling.
Subject to encouraging results, FAR expects to proceed with drilling in a later subsequent exploration period.
FAR has a 100 percent interest and is Operator of the WA-457-P and WA-458-P permits.
FAR managing director, Cath Norman, said, “FAR’s hydrocarbon resource assessment confirms the significant potential of FAR’s offshore Western Australian permits. Shallow water depths and high success rates for the basin provide for attractive, low risk and low cost exploration. FAR now expects to acquire modern 3D seismic data over both permits during 2014 and will also be seeking a farm in partner. Our Australian permits are an attractive component of our diversified exploration portfolio and have the potential to add significant value for our shareholders.”
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