• Funding agreement reached with Global Oil and Gas to drill high impact Sasanof-1 exploration well on North West Shelf
• GLV to fund 50% of Sasanof-1 well through acquisition of 25% of Western Gas (519P) Pty Ltd
• Valaris MS-1 semi-submersible drill rig secured with drilling scheduled for Q1 2022
• Sasanof-1 exploration well is targeting a 2U Prospective Resource of 7.2 Tcf gas and 176 Million bbls condesate (P501), with 32% geological chance of success

Western Gas hold 4300 km² of acreage (100%) comprising four Exploration Permits and a Retention Lease, with exploration activities in their Equus permits resulting in 15 discoveries from the drilling of 17 wells, an exploration success rate of 88%.

Western Gas has reached agreement with Global Oil and Gas to fund 50% of the drilling costs for the Sasanof-1 exploration well.

The Sasanof-1 exploration well is in WA-519-P in Commonwealth waters about 207 km northwest of Onslow, Western Australia, and is scheduled to drill in Q1 2022.

Independent assessment by ERC Equipoise Ltd (ERCE) of the Sasanof Prospect estimates a 2U Prospective Resource of 7.2 Tcf gas and 176 Million bbls condensate (P501), with a 32% Chance of Success. The high case 3U Prospective Resource estimate is for 17.8 Tcf gas and 449 Million bbls condensate (P10).

The agreement will see GLV fund 50% of the cost of drilling the Sasanof-1 exploration well through a 25% acquisition of Western Gas (519 P) Pty Ltd, the licence holder for WA-519-P.

The Sasanof Prospect is on trend and updip of the Mentorc Gas and Condensate Field and nearby the Giant Gas Fields of Scarborough and Io-Jansz in the Carnarvon Basin. The liquids rich, low C02 Mentorc Field is the eastern fault block and is “filled to spill” into the updip Sasanof Prospect to the west.

Western Gas has secured the Valaris MS-1 rig to drill the well. Drilling will commence at the earliest in midFebruary 2022, subject to approvals, with an estimated total campaign duration of 25 days. Western Gas has contracted specialist well engineering and drilling management company AGR Australia (AGR) to manage the Sasanof drilling campaign.

Sasanof-1 will be a vertical well and drilled to a total depth of approximately 2500 m in 1070 m of water, providing a low cost, high impact exploration activity in a known and proven hydrocarbon province. Drilling costs are estimated at US$20 million.

Will Barker, Executive Director, commented:
“We are delighted to have GLV on board to support this important drilling campaign that, on success, has the potential to be a game changer for the North West Shelf at a time of declining production and expected gas shortages.”

“A discovery of the estimated size of Sasanof will provide multiple gas supply opportunities, including domestic gas, LNG backfill and expansion, and new value-adding industries.”