Pilot Energy Seeks Partner for Exploration Permit WA-507-P Off Australia

Pilot Energy Ltd., a junior oil and gas exploration company, provided Thursday an update on its activities on exploration permit WA-507-P in the Northern Carnarvon Basin off the Northwest Shelf of Australia.

The firm, which is the field operator, made a final payment of $841,500 for the 3D seismic license for permit WA-507-P and its surrounding area to TGS-NOPEC Geophysical Company Pty Ltd. (TGS), after negotiating a discount of $71,000 for early settlement of the fee. The 2,459 square mile (6,368 square kilometer) "Gnaraloo/Cazadores" multi-client dataset was licensed by Pilot Energy upon acquiring the interest in WA-507-P and reveals the presence of three very large structures, prospective for oil and/or gas.

Pilot said licensing of the data is the main work commitment under the three year primary term of the permit, ending Nov. 16, 2017, while the secondary term comprises geological and geophysical studies in years four and five, with an exploration well to be drilled in year six.

"With a 'drill-or-drop' decision not required until November 2019, Pilot Energy has ample time to introduce a farmin partner to fund drilling of the well," the company said in the press release, adding that it is now in discussions with a number of potential farminees in the current challenging market although it is confident of its position in the permit.

Independent consultant Gaffney Cline & Associates (GCA) has assessed that WA-507-P has a best case prospective resources of 1,581 million barrels of oil and 10,047 billion standard cubic feet of gas.


Have a news tip? Share it with Rigzone!
Email news@rigzone.com


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Report: Hiring Managers See Salaries S... (Mar 23)
 -  New Zealand Opens Block Offer Tender f... (Mar 22)
 -  High Calibre Staff Helps EnerMech Secu... (Mar 22)
 -  Offshore Industry To Play 'Vital Role'... (Mar 22)
 -  Unite Members Reject Latest OCA Deal (Mar 21)

Most Popular Articles

From the Career Center
Jobs that may interest you
Fluid Analysis Specialist
Expertise: Geoscientist
Location: Houston, TX
Geologist II Job
Expertise: Geologist
Location: Oklahoma City, OK
Expertise: Landman
Location: Houston, TX
search for more jobs

Brent Crude Oil : $50.64/BBL 0.62%
Light Crude Oil : $48.04/BBL 1.47%
Natural Gas : $3.01/MMBtu 2.58%
Updated in last 24 hours