Cornea Oil & Gas Accumulation The Cornea oil and gas accumulation was discovered by Shell Development et al in the early exploration wells Cornea-1, 1B and 2. The wells are considered to have established the presence of a 25m gas column and a 22.2m oil column in the Albian sandstones of the Jamieson Formation. The field is a large drape feature. It accumulated 22 to 24 degree API oil derived from Early Cretaceous, Echuca Shoals Formation and possibly Late Jurassic source rocks in the Heywood Graben, located over 60km to the west. The field is split into three main structural components Cornea South and Cornea Central, both with gas and oil, and Cornea North with gas and no underlying oil presence. While the WA-342-P work programme does not include an obligation to drill a well in the current permit term, the application to renew the permit for the first 5 year term will require a well to be drilled as part of the guaranteed work programme. Following the drilling of the Braveheart-1 well, the Cornea Joint Venture will be able to utilise the Songa Venus rig and meet the well obligation in year-1 of the (expected and applied for) renewed permit. An exploration/appraisal well in the vicinity of Cornea-1 and Cornea-1B, to determine the potential for oil produceability from Cornea, is currently scheduled to be drilled in late 2009/early 2010.
MOG Price at posting:
26.0¢ Sentiment: None Disclosure: Held
