Copper Basin - Onshore Petroleum Exploration
PEL-182 (SER 37.6%) Copper Basin, South Australia
The dispute between SER and Australian Oil Company No2 has been resolved. The result is that SER now has a fully participating 5% interest in the permit and a 42.6% interest in the joint venture assets.
Gippsland Basin
VIC/P47 (SER 25%) Gippsland Basin, Victoria
The Vic/P47 exploration permit is located in the offshore Gippsland Basin, 14 km from the coast and south of the Victorian town of Orbost, with water depths ranging up to 80m.
Vic/P47 contains the Judith and Moby gas discoveries. Judith contains certified gas resources (Gaffney Cline & Associates 2008) and both Judith and Moby are in close proximity to existing and planned infrastructure in adjacent licences. 22 km to the west, the Longtom Field has commenced gas production – the first production from the same geological unit as the Judith discovery.
A short distance to the south of the Judith field, ExxonMobil is currently drilling Kipper field development wells with a target of first production of gas and liquids in 2011.
The Joint Venture is preparing to commence a simultaneous seismic inversion study to enhance the definition of the Judith and Moby fields.
Discussions with potential Vic/P47 farminees are continuing.
Eastern Offshore Gippsland Basin
VIC/P41 (SER 25% possibly diluting to 17.5%) Gippsland Basin, Victoria
VIC/P66 (SER 23%)
Permits Vic/P41 and Vic/P66 are located adjacent to each other in the east of the offshore Gippsland Basin, from approximately 40 km south of the Victorian coast. The operator maps extensions of two productive trends across its East Gippsland permits:
- the eastward extension Rosedale Fault system sets up prospects analogous to the Kipper oil and gas field (development drilling underway ahead of first production scheduled for 2011)
- further south, a second trend extension is analogous to the Basker / Manta / Gummy oil and gas fields (in production since December 2006 for Roc Oil and partners).
Vic/P41 contains a number of large prospects defined on modern 3D seismic, notably Kipling, Benchley and Oscar, whereas Vic/P66 while containing an part of the 2D-defined ‘Lead A’ feature, is still at an early stage of exploration with clear potential to further extend the Rosedale trend in to new areas.
To further define and ‘de-risk’ these opportunities two new technical studies have been completed. A simultaneous seismic inversion project (Vic/P41) analysed both 2D and 3D seismic over Rosedale trend prospects and leads (i.e. Kipper analogues) for indications of hydrocarbon anomalies and other factors. This work has demonstrated that the seismic inversion signature of these prospects is exactly the same as that of the Kipper Field, greatly reducing the risk associated with drilling. In addition, a basin modelling project (jointly funded by Vic/P41 and Vic/P66) has defined the nature of hydrocarbon charge in to the east Gippsland area as well as the timing and migration pathways of this charge. It shows the area immediately south of the permits is mature. It is modelled as having generated and expelled hydrocarbons at a time where they could migrate towards the basin margin and be trapped in the structures identified in Vic/P41 and Vic/P66. The interpretation that the gas in the Sole Field is biodegraded themogenic gas further enhances the concept of a “fill/spill chain” through the permit.
Vic/P41 is due for renewal during the September 2011 quarter. The Joint Venture is currently preparing the renewal application for submission to the authorities.
Discussions with potential Vic/P41and Vic/P66 farminees are continuing.
