WHL Reports Higher Prospective Resource in Permit VIC/P67 in Otway Basin

Australian energy company WHL Energy Limited (WHL Energy or the Company) reported Tuesday on progress in the interpretation of an interim processed volume of the La Bella 3D Seismic Survey acquired in the VIC/P67 exploration permit (WHL: 40 percent) in the offshore Otway Basin, Victoria, in which AWE Ltd. subsidiary Peedamullah Petroleum also holds 60 percent equity.

WHL Energy acquired the La Bella 3D seismic survey in November/December 2013 and processing of the data commenced in January 2014. An initial “fast track”, Post-Stack Migration processed volume was delivered in April 2014 which provided an early insight into the resource potential of VIC/P67. However, the fast track volume was affected by significant noise contamination due to the limitations of the early stages of the processing stream and as a result the Joint Venture elected to generate a further interim Pre-Stack Time Migration volume in order to deliver a higher quality dataset in advance of the receipt of the final processed volume.

The interim volume, covering the priority area near the La Bella well, was delivered in May 2014, and is of superior quality to the initial fast track volume. This interim volume has been the subject of interpretation efforts throughout May. The seismic contractor is expected to deliver the fully processed La Bella 3D final volume seismic data at the end of July. Based on the assessment of the interim volume to date, a very high quality, state-of-the-art, broad-band seismic data set is expected.

The interpretation of the interim volume is sufficiently mature to report an initial characterization of the exploration portfolio. The interim volume has enabled the portfolio to be constrained by the more detailed mapping enabled by the 3D seismic data set. Additionally a number of seismic amplitude anomalies have been mapped which reduce the geological risk of a number of features in the portfolio.

Near La Bella Prospects

A portfolio with some 11 prospects has been identified to date with total best estimate Prospective Resources* of 610 bcf of gas and 14.1 MMbbls of condensate and LPGs.

Within this portfolio, a group of 4 prospects immediately west of the La Bella Field are characterized by stacked, structurally conforming amplitude anomalies (Mylius, Mylius West, Ferrier and Ferrier South), and are considered to have relatively low geological risk. Best estimate Prospective Resources* for these features total some 183 billion cubic feet (Bcf) sales gas and 5.8 million barrels (MMbbl) of condensate and LPG. Importantly, these features, along with the La Bella field, could form a core gas development in VIC/P67 with successful exploration drilling.

Prospective Resources*


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