Bass Strait Conducts Independent Resource Certification of Judith Gas Field
Bass Strait Oil
Monday, June 23, 2008
Bass Strait Oil Company Limited, as operator of the Vic/P47 Joint Venture, announced that internationally recognized consultants, Gaffney, Cline & Associates (GCA) have completed an independent resource certification of the Judith Gas Discovery and associated prospects in offshore Gippsland Basin permit Vic/P47. The Vic/P47 joint venture consists of Bass Strait Oil Company Ltd as operator with 40%, Moby Oil & Gas Limited with 35% and Eagle Bay Resources NL with 25%.
Summary points from GCA Judith Gas Field Resources Certification Letter:
• 290 meter gross gas column, 135.5 meters net pay at Judith-1 well
• Contingent plus Prospective Gas Initially In-Place (GIIP), for the Greater
Judith Area (Bscf*):
Best estimate = 621.0
High estimate = 2,314.0
• Recoverable Contingent Resources, Judith Discovery (Bscf):
Best estimate = 193.7
High estimate = 934.2
• Additional Recoverable Prospective Resources, Greater Judith Area (Bscf):
Best estimate = 209.8
High estimate = 801.3
• Appraisal drilling recommended
Note: all estimates quoted are 100% Vic/P47 joint venture volumes
The Judith-1 well was drilled by Shell in 1989, but not production tested or appraised.
GCA reports that a gross gas column of 290 meters can be interpreted from Judith-1
electric log data and GCA has performed a new, independent petrophysical analysis
that calculates 135.5 meters of net gas pay in the Judith-1 well.
There is a wide range of low to high estimates is characteristic of pre-appraisal
accumulations. GCA recommends an appraisal drilling program to narrow the
range of uncertainty and potentially move the Judith Field towards commerciality.
This drilling would add to the limited sub-surface information gathered by the 1989
well and the new well(s) could also potentially be utilized for production. BAS will
now conduct a more detailed assessment of Judith appraisal options, including
seismic re-processing and analysis.
A key factor for appraisal planning is that a significant proportion of the Prospective
Resource volume is located near Judith-1 well, either in deeper sands not penetrated
by the original well or in adjacent fault blocks. This suggests the potential for an
appraisal drilling program centred near Judith-1 that could notionally address a
combination of Contingent and Prospective Resources, with a Best Estimate volume
on the order of 300 Bscf. Importantly, such an appraisal program could also
potentially target a combined High Estimate resource volume of over 1,000 Bscf.
Permit Vic/P47 is located in the offshore Gippsland Basin, approximately 5 km
offshore, south of the Victorian town of Orbost. Water depths range from 20 to 80
meters and the permit covers an area of some 718 sq km.