The A1 site is one of six prospective sites at the company's VIC/P60 concession identified by joint venture partner on the project, Holloman Corporation, a major developer of gas plants, pipelines, and other infrastructure throughout the U.S.
Independent third party reports performed by ISIS Petroleum Consultants and Strachan Corporate have predetermined that the entire VIC/P60 concession could hold reserves of 1.5 Billion barrels of oil.
Specifically, the independent third party reports performed by Strachan show the two most prominent prospects identified, assuming 25 meters of net pay zone, will produce a combined target size of between 80 and 120 million barrels of oil. As stated in the report, the region is immature for oil generation and thus relies on oil migration from the northeast to fill structures identified in sediments of the Golden Beach subgroup, which are in a similar setting to the 96 mmbbl Archer oil discovery 30km north.
The Company's VIC/P60 concession is comprised of 1,375 sq. km in the prolific Gippsland Basin off the coast of Victoria, Australia; a region widely recognized for its rich oil and gas deposits. The permit lies in water depths between 70 and 1,800 meters, however most targets could be drilled in water depths of less than 500 meters.
Holloman Corporation owns a 37.5% stake in the VIC/P60 with the remaining 62.5% of the concession directly owned by Endeavor Energy Corp.
"The VIC/P60 concession is our most potentially profitable play in our diversified portfolio of oil and gas properties," said Cameron King, CEO of Endeavor Energy Corp. "Containing up to 110 million barrels of oil, production from the A1 Lead alone could result in revenues for the Company of $8.4 billion over time, with oil prices remaining at approximately $70 per barrel. That's tremendous potential."
The Company is in the process of scheduling 3-D seismic surveys concentrating on the northeastern part of the permit where these initial six sites were identified originally by re-processing over 5,000 miles of 2-D seismic acquired in the 1980's. These additional seismic studies will provide further valuable information regarding the area's full potential and identifying precise drill locations.
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