The Perth Basin runs 1300km north by north-northwest,along the southwestern margin of the Australian continent 100-350km north of Perth, WA.
The structurally complex basin extends to in excess of 100,000km2 and was formed during the separation of Australia and India in the Permian to Early Cretaceous period.
Initial exploration for hydrocarbons began back in the 1950s and saw over 300 wells drilled and the commercialisation of 20 fields of disparate size including the Dongara field with 14.3 Gm3 (508 Bcf) of original in-place gas and 16.6 GL (104 MMbbl) of original in-place oil.
Initially the exploration success rate was as low as 10% but advances in technology over the last couple of decades such as 3D seismic surveys and advanced re-processing have raised this success rate significantly. Recent discoveries near to our acreage have reinforced our strategy to explore mature and frontier basins.
In 2017 AWE Ltd.’s final well in the Waitsia field appraisal and development program tested at one of the highest flow rates in Australian history.
AWE reported that the well flowed at an instantaneous maximum rate of 90 MMcfd of gas from the Kingia sandstone reservoir. The well went on to average 89.6 MMcfd through a 96/64-in. choke at a flowing pressure of 2,395 psi during the 23-min test period.
AWE accepted a $602m takeover from Mitsui at the beginning of 2018.
EP469 is 16Kms from Waitsia and shares many similar reservoir characteristics. AWE CEO/Managing Director David Biggs joined the Warrego Energy board in 2019. We have reason to be cautiously optimistic about West-Erregulla 2 which spudded on 3rd June 2019.
In a further demonstration of our confidence in the Perth Basin, Warrego (ASX:WGO) exercised its Call Option on exploration permit application STP-EPA-0127, in the north Perth Basin, and now holds the application via subsidiary Palatine Energy.
EPA-0127, which on final grant will be 2.2m acres (8,700 km2) and will be the largest exploration permit in the Perth Basin.