OBL Gains Full Stakes in 2 Undeveloped Gas Fields in Gippsland Basin
Australia's Oil Basins Ltd. announced Monday that further to the ASX Release dated Nov. 14, the Directors of the firm (OBL or the Company) are pleased to make the following update on the Company’s ongoing activities in Vic/P47 which was recently acquired by the Albers Group.
- OBL Group has moved (subject to National Offshore Petroleum Titles Administrator [NOPTA] approval) to 100 percent of Vic/P47 which hosts the undeveloped Judith Gas Field and the undeveloped Moby Location
- Consideration paid was $nil
- Upon approval OBL Group immediately books 101 billion cubic feet (Bcf) 2C Contingent Recoverable Resources with 3C Contingent Recoverable Resources estimated at over 275 Bcf (Judith Gas Field only)
- OBL fundamentals are backed by significant exposure to 3 shallow water discoveries, all with close proximity to existing under-utilized surface and subsea infrastructure:
- 100 percent and Operator Retention Lease R3/R1 (Cyrano Oil Field), offshore Carnarvon Basin (nearby Airlie Island) with 2C assessed at over 2 million barrels oil, and
- 100 percent and Operator Permit Vic/P47 (Judith Gas Field and Moby Gas Field Location), offshore Gippsland Basin (nearby Patricia-Baleen Subsea Gas Hub), where the 2C assessment of Judith is 16.8 million barrels of oil equivalent (MMboe) alone
Vic/P47 Variation Application
On Oct. 15 the former Vic/P47 Joint Venture Partners lodged a formal application with NOPTA to vary the Vic/P47 Year 5 work program to comprise reprocessing 77.2 square miles (200 square kilometers) of the Northern Fields 3D over the southern part of Vic/P47 and conducting seismic inversion and AVO of the new reprocessed 3D so as to improve/upscale the previous Operator’s contingent resources with the application of modern geophysics (similar to what has occurred in OBL Group’s Vic/P47 Permit and to seek to de-risk a future well site in lieu of drilling an exploration well (in year 5).
As the surviving participant in the Vic/P47 Joint Venture, the OBL Group will benefit from any decision by NOPTA as to the Variation (a decision is pending).
As of Nov. 14, the Vic/P47 Joint Venture Participants (subject to NOPTA approval and registration) are:
- Oil Basin Limited – 50 percent and Operator
- Shelf Oil Pty Ltd. (OBL’s 100 percent owned subsidiary) – 50 percent
So as to further assist funding and liberating value to shareholders, OBL also offers Shelf Oil Pty Ltd. (Shelf Oil) as an immediate entry platform for a Third Party into the now high priced East Coast Gas Market.
In addition to owning net 17.5 percent of Exploration Permit Vic/P47 (highly prospective for wet gas), Shelf Oil, subject to NOPTA approval will increase its net 12.5 percent interest to 50 percent of nearby Exploration Permit Vic/P47 which hosts the undeveloped Judith Gas Field and the undeveloped Moby Location (all defined in 3D seismic).
Data has been exchanged and confidential discussions continue with a number of interested parties and OBL is seeking Farmin/Acquisition interest for both permits.
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