Highlights for the Quarter Received formal approval of work program change in ATP 920 and 924 to one well, seismic reprocessing and other studies to focus on exploration of conventional gas targets; Initiated negotiations for access for drilling on ATP 924 on Tanbar Station; Commenced rig tendering for drilling of Taj and Alfajour prospects in ATP 924, and commenced civil earthworks tendering for site clearance work for Taj-1 and Alfajour-1 wellsite locations; Awarded reprocessing contract for ATP 783, ATP 920 and ATP 924 to Earth Signal and Howman Seismic Services as part of expedited revised work programs; Executed Farmout Agreement with a subsidiary of Triangle Energy (Global) Limited (“Triangle” for Triangle to earn 50% by spending US$3 million towards 3D seismic acquisition and two wells in L7, North Perth Basin; Commenced mobilisation of 40-man mobile camp to Mount Horner to house seismic and drilling crews for 2019 campaigns with approvals lodged with local governments for new infrastructure; Completed maiden prospective and contingent resource estimates for the Bookara Shelf Oil Project containing EP437 and L7 within the North Perth Basin; In principle compensation agreement terms agreed with landowner for preferred well location for the drilling of Wye Knot-1, EP 437, Perth Basin; and Placement of $300,000 to existing cornerstone investor to fund continued activities in the Perth Basin. Activities Subsequent to the End of the Quarter EP 437 suspension of the permit Year 3 work program was granted for a period of one year with a corresponding extension of the permit term to 27 November 2019. Continuing DMIRS approval for L7 Mount Horner operations and the proposed remediation documentation and the planning of remediation activities; Initiated tendering process for seismic 3D acquisition within the L7 production licence area and potentially other additional surveys; and Upgraded ATP 924 Tanbar Gas Project Gross Unrisked Prospective Resources1 to 150 Bcf (1U) – 500 bcf (2U) – 950 Bcf (3U) which include the Alfajour and Taj conventional oil and gas prospects.
KEY Price at posting:
0.5¢ Sentiment: Hold Disclosure: Held
for Triangle to earn 50% by spending US$3 million towards 3D seismic acquisition and two wells in L7, North Perth Basin; Commenced mobilisation of 40-man mobile camp to Mount Horner to house seismic and drilling crews for 2019 campaigns with approvals lodged with local governments for new infrastructure; Completed maiden prospective and contingent resource estimates for the Bookara Shelf Oil Project containing EP437 and L7 within the North Perth Basin; In principle compensation agreement terms agreed with landowner for preferred well location for the drilling of Wye Knot-1, EP 437, Perth Basin; and Placement of $300,000 to existing cornerstone investor to fund continued activities in the Perth Basin. Activities Subsequent to the End of the Quarter EP 437 suspension of the permit Year 3 work program was granted for a period of one year with a corresponding extension of the permit term to 27 November 2019. Continuing DMIRS approval for L7 Mount Horner operations and the proposed remediation documentation and the planning of remediation activities; Initiated tendering process for seismic 3D acquisition within the L7 production licence area and potentially other additional surveys; and Upgraded ATP 924 Tanbar Gas Project Gross Unrisked Prospective Resources1 to 150 Bcf (1U) – 500 bcf (2U) – 950 Bcf (3U) which include the Alfajour and Taj conventional oil and gas prospects.
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