Apache Drills Duster on Sole-Risk Probe

The Operator, Apache, has advised that the Laurel-1 well which was drilled by Apache on a sole risk (100%) basis has reached Total Depth. The well did not encounter commercially significant hydrocarbons in the exploration objective, and the well has now been plugged and abandoned as planned.

TL/2

Pan Pacific Petroleum (PPP) is a participant in the TL/2 permit in the offshore Carnarvon Basin, Western Australia. Apache, the Operator of TL/2, recently proposed the Barberry-1 exploration well for drilling. As in the case of Bath-1, and Laurel-1, PPP evaluated the Barberry-1 opportunity and determined that it did not meet PPP's risk/reward criteria and hence PPP elected not to participate.

Apache has advised that the Ocean Shield drilling rig is now on location, and drilling of Barberry-1, which will also be drilled by Apache on a sole risk (100%) basis, has commenced.

Under the TL/2 Joint Operating Agreement, non-participating joint venture partners retain the right to participate in a successful discovery subject to back-in penalties. As PPP is not participating in Barberry-1, PPP will not be releasing regular drilling reports regarding this well.

Participants in TL/2 are:

  • Pan Pacific Petroleum NL 23.2%
  • Apache Oil Australia Pty Ltd (Operator) 51.8%
  • Santos (BOL) Pty Ltd 15.0%
  • Tap (Shelfal) Pty Ltd 10.0%
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