The Banjo prospect comprised northerly dipping lower Jurassic and upper Triassic reservoirs sealed to the south by a large Jurassic channel. A preliminary interpretation of wireline logs indicates that the channel fill comprises a sandy siltstone which does not provide the required lateral seal to the south to form a valid trap for hydrocarbons.
The Banjo-1 well is the last of a three well program operated by Tap which has resulted in the discovery of an oil pool at Cyrano-1. Tap is currently proceeding with a full interpretation of this discovery to determine reserves and possible development options.
Participants in Banjo-1, EP-397 are Tap Oil as operator with 33.3%; First Australian Resources with 33.3% and Goodrich Petroleum with 33.3%.
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