Enovation Resources, an oil & gas exploration, development and production Company, is pleased to announce it has acquired a [10%] interest in two exploration permits; WA-379-P and WA-380-P, in the Bremer Sub-Basin, offshore Western Australia. The Company’s joint venture operating partner, Arcadia Petroleum Ltd, holds the remaining [90%] interest in the licenses.
Encouraging results from recent seismic surveying and sea bed sampling analysis covering both permit areas, has revealed working petroleum systems with high potential for large oil and gas accumulations with structure conformable DHI’s (Direct Hydrocarbon Indicators) in water depths of less than 1000m. The surveying was carried out by Geoscience Australia.
Under the terms of the exploration permits, Enovation and Arcadia have agreed to fulfill the existing permit work program obligations, comprising 2D seismic acquisition in the primary term and Controlled Source Electromagnetic (CSEM) surveying and two exploration wells in the secondary term. The use of risk reducing CSEM technology will further delineate and prove up the prospects prior to drilling.
The two permits cover a contiguous area of 18,730 square kilometers, located in shallow to deep waters, 25-40km from Australia’s southwest coast close to existing onshore infrastructure including the established port of Albany and a gas pipeline at Esperance.
The Bremer Sub-Basin consists of Middle Jurassic – Early Cretaceous sedimentary rocks up to 10km thick, deposited in ancient rivers and lakes during rifting between Australia and Antarctica. Geoscience Australia has identified several potential hydrocarbon source intervals ranging from late Jurassic syn-rift lacustrine shales to late Cretaceous marine and deltaic facies.
Enovation and Arcadia bring together a high level of geo-technical experience and expertise with a proven track record in exploration and production operations world-wide.
Commenting, Enovation Resources Chief Executive Officer, Diz Mackewn said:
“We are very pleased with this acquisition, which represents Enovation’s first exploration licenses in Australia. The joint venture is well suited to our strategy for using advanced technologies to reduce risk and enhance our understanding of the petroleum potential in this frontier area. We look forward to working with Arcadia and with the Australian Government in an extensive evaluation of the Bremer Sub-Basin which we hope will ultimately lead on to a successful drilling campaign. We will continue to look for further attractive opportunities in Australia.”
