Australian energy company WHL Energy Limited (WHL Energy or the Company) provided Tuesday an update on the interpretation of data obtained from the La Bella 3D seismic survey acquired in the Otway Basin permit VIC/P67 (WHL 40 percent and AWE 60 percent), offshore Victoria, Australia in late 2013.
While further state-of-the-art and more detailed interpretation studies still need to be completed, initial results are encouraging, with highlights including:
In addition to the initial FTV, a further Intermediate Volume (IV) has been generated and received by WHL Energy. The data quality from the IV, which is an interim Pre-Stack Time Migration processed sub-volume (PreSTM), is a significant improvement over the previous version, and provides confidence that a high quality seismic data set will be delivered with full broadband PreSTM processing. This fully processed PreSTM volume package is on target to be delivered in late July.
Interpretation of IV is ongoing and a range of additional geophysical, geological and reservoir engineering studies are also in progress as these will allow for a more accurate and reliable evaluation of La Bella Field and the nearby prospects. The initial phases of well planning have also now commenced.
WHL Energy Managing Director, David Rowbottam, said: “The Company is encouraged by the preliminary results and looks forward to providing a further update on the assessment of La Bella and the near field prospects in May.”
WHL Energy was Operator for the 334 square miles (867 square kilometers) La Bella 3D survey that was successfully completed within budget in mid-December 2013. The seismic data was acquired by CGG’s state-of-the-art vessel “CGG Viking II” utilizing CGG's broadband seismic surveying technology.
On Sept. 3, 2013, WHL Energy executed a binding farm-out agreement with AWE Limited (AWE). Under the terms of the farm-out agreement, AWE is earning a 60 percent participating interest in VIC/P67 by funding 75 percent of the cost of the La Bella 3D seismic survey up to a cost cap of $9.0 million. AWE has the right following the 3D seismic phase to take over operatorship of VIC/P67 and continue at the 60 percent participating interest or to assign part or all of its equity back to WHL Energy.
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