The Directors of Adelaide-based, Austin Exploration Limited and those of Adelaide Energy Limited, announced that the two companies have discovered a significant fault line that will be the basis for the initial drilling location of the PEL 105 Cooper Basin prospect. Independent geophysical and reservoir consultants contracted by Adelaide Energy have completed a detailed review of the area, analyzed the downdip Toonman #1 well and have estimated possible reserves (P10) of up to 6200 MMscf (6.2 billion cubic feet) of gas and 1040 kstb (1.04 millionbarrels) of oil/condensate.
The fault line upthrows the proven Tirrawarra sand, productive at the nearby Moorari and Tirrawarra fields, by over 100m and is just east of the gas and condensate bearing Toonman #1 well drilled by Santos in the 1980's.
Well planning is now underway for the "Pirie #1" well with commencement expected in the third quarter of 2008. In addition, 100 kms of 2D seismic has been ordered for the Permit and scheduled also for the third quarter of 2008. The companies will announce more detailed information as it becomes available. Austin and Adelaide Energy are working together as a result of a farmin agreement that was formally announced on October 10, 2007.
Petroleum Exploration License 105 (PEL 105) is an area of 437 sq km approximately 60 kms north of Moomba in South Australia. Austin and Adelaide Energy have developed a farmin agreement that was formally announced on October 10, 2007. The agreement provides Austin with 100% interest of the PEL 105 license. Adelaide Energy has been named the official operator and has the right to earn 50% of Austin's interest by funding the first well in 2008/2009.
The prospect area is surrounded by producing fields, some of which are the largest in the Cooper Basin. Within the boundaries of PEL 105, but excised from it, are the Bimbaya Field (19 BCF of gas), the Bookabourdie Field (80 BCF of gas) and the Merupa Field (1.5 BCF of gas). There are large structures and multiple unconformities present within PEL 105, making for significant potential for accumulations of oil and gas to exist on the flanks of these regional structures.
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