EP469 Perth Basin

EP469

One of the most exciting prospects in Australian Oil & Gas.

Recent seismic reprocessing of Western Australian asset West Erregulla, EP469, has confirmed an increased pre-drill estimate of gas in place to the point where it is now one of the largest pre-drill conventional onshore prospects in Australia.

Onshore Exploration Permit EP469 was awarded to Warrego Energy 100% in April 2010. It is situated 230km north-east of Perth in the North Perth Basin and comprises an area of 224km2.

West Erregulla Location MapWarrego (ASX:WGO)  worked with the relevant authorities, the indigenous community and other key stakeholders to secure approval to undertake a 3D seismic campaign in Q4 2014.

Warrego (ASX:WGO) secured capital in 2014 to progress the pre-appraisal seismic programme by way of a AU$40M farm out with Dutch Oil Companies Dyas BV and Mazarine Energy BV

The subsequent processed seismic data revealed significant prospectivity.

Warrego (ASX:WGO) recovered 100% interest in the Permit in 2016 after Dyas BV and Mazarine Energy BV pulled out of drilling the exploration well because of the oil price collapse.

Warrego (ASX:WGO) farmed out 50% of EP469 and operatorship to Strike Energy Limited (ASX:STX) in June 2018. Strike will fund the cost of drilling and completing one exploration well within the Permit and carrying out related G&G Studies and G&A costs, up to a maximum expenditure amount of A$11M. Well West Erregulla-2 is due to be spudded in May 2019.
West Erregulla AmplitudeStrike has completed reprocessing of the West Erregulla 3D seismic and reinterpretation (by Igesi Consulting). The reprocessed seismic has improved structural confidence and has reaffirmed Strike’s previous interpretation of an amplitude anomaly over the structure, indicative of gas filled porosity. Flat spots indicating a gas/water contact are also clearer on the reprocessed seismic and have led to an increase in chance of success and increased pre-drill estimate of gas in place. 

West Erregulla Kingia-High Cliff Conventional Prospective Gas Resource (OGIIP BCF)
Low Estimate (P90)  761
Best Estimate (P50) 1163
High Estimate (P10) 1668

In addition to the Kingia-High Cliff target, a basal fan has been identified on the reprocessed seismic in the Wagina formation higher in the sequence. The Basal Wagina Fan shows similar attributes to the Beharra Springs gas field which is only 9km to the West. This target will be penetrated by the West Erregulla-2 well on its way to the KHC targets. Due to the stratigraphic nature of this play it represents a secondary target of the well, yet still displays the compelling amplitude responses which are geophysically indicative of gas filled porosity.

West Erregulla 3D AmplitudeWest Erregulla is now one of the largest pre-drilled conventional onshore prospects in Australia and the well with its corresponding results are likely to be watched closely by other operators across the region.

Disclaimer: The above estimated quantities of petroleum that may potentially be recovered by the application of a future development project(s) relate to undiscovered accumulations. These estimates are un-risked and have both an associated risk of discovery and a risk of development.

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