Melbana Energy is seeking an industry partner to join it in AC/P70 in the Vulcan Sub-basin, situated in the Territory of Ashmore and Cartier Islands. 

Highlights include: 

1. Permit, in its Primary Term, contains the undeveloped Vesta and Swan discoveries, plus more than ten prospects and leads within multiple play fairways
2. Contingent Resource of 276 Bcf and 34 MMbbl (unrisked gross best estimate) associated with the undeveloped Vesta and Swan oil and gas fields, and Prospective Resource of 2,558 Bcf and 43 MMbbl (unrisked gross best estimate)
3. Average water depth is 105m, drilling not required until 2027 allowing ample time to select high potential drilling target
4. Proximity to existing infrastructure combined with the Contingent Resource significantly reduce the minimum economic pool size for development of any new discovery

The Opportunity

Melbana Energy is currently 100% equity holder and operator of AC/P70. The permit, currently in its Primary Term, contains more than ten leads and prospects hosted within multiple play fairways known to be prospective for gas, and is close to infrastructure with a clear path to commercialisation.

The permit contains the Vesta oil and gas discovery where significant additional resources are likely hosted by un-tested compartments up-dip of legacy drilling.

The permit also contains proven (contingent) gas at the Swan discovery - reservoired within the high-quality sands of the Cretaceous Puffin sandstone.

Reprocessed seismic data indicates more closure at Swan in the deeper Oxfordian and Plover sections, suggesting additional gas.

Finally, uplift is proposed in the East Swan Deep Lead where large un-tested Triassic and Permian closures are observed.

An exploration well is not required in AC/P70 until 2027, allowing ample time to select a high potential drilling target. Average water depth is 105m.

The Swan Gas Discovery

The Swan gas-condensate discovery is hosted within the Cretaceous Puffin sands, which are proven in the nearby Puffin oil field. The discovery was initially made in 1973 with the drilling of Swan-1, and subsequently appraised by Swan-2 and Swan-3/ST1. The wells encountered two gas zones measuring 19.2m and 14.5ms, respectively, with average porosities reaching up to 21%.

• Multiple tests by FIT recovered gas and condensate across several stacked submarine fan sandstones.
• RFT pressure data indicates communication of the gas zone between all three wells, and substantial down-dip potential.
• Melbana Energy's recent reprocessing of the Pantheon 3D MSS, provides enhanced imagery of the Swan structure and reservoir distribution, revealing a clearly distinguished high amplitude fan sand fiting a structural closure of ~20 sq km.
• More closure is recognised at the deeper Oxfordian and Plover levels, adding substantially to the prospective gas resource.

Vesta-1 Oil and Gas Discovery Late Jurassic Syn-Rift Reservoir

• Drilled by ENI in 2005 to 3,342mD, the original objective was to test the oil potential of the ‘Near Callovian Unconformity’ (Plover). The well however was halted ~ 200m short of the Callovian target due to high geo - pressure and failure to stabilise.
• Hydrocarbon bearing sands were encountered within the Oxfordian Lower Vulcan Formation (Vesta Sandstone) between 3,342-3,365mD.
• DST results confirm oil deliverability from the reservoir with significant associated gas.
• Vesta-2 was drilled in 2008 and encountered 6.4m net gas within reservoir sands of the same age.
• Melbana’s recent seismic interpretation indicates that the Vesta Oxfordian oil sand closes across a structure of ~48sq km. The area includes series of tilt-blocks located up-dip from the Vesta wells where considerable additional resources may be present.

If there is interest, Moyes & Co would be happy to follow up with more information, arrange a discussion, and/or send a CA for access to the VDR.

Contact: Ian Cross, Moyes & Co
+447398 815690 - UK mobile
+4420 7839 7845 - London office
icross@moyesco.com

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