PEL 105 Cooper Basin Pirie-1 Well Prospect
- AKK holds a 50% working interest
- P10 reserves estimated at 23 Million barrels of oil
- Estimated recovery of 1Million barrels of oil per well
- Estimated well life of nine years
- Estimated spacing allows for five additional wells on the license
- Anticipated spud date of first well is end of calendar year 2010
The Petroleum Exploration License (PEL) 105 prospect is surrounded by producing oil and gas fields, some of which are the largest in the Cooper Basin “ Australias" most prolific onshore oil and gas province. Within the boundaries of PEL 105, but excised from it, are the Bimbaya Field (19 BCF of gas), the Bookabourdie Field (80 BCF of gas), and the Merupa Field (1.5 BCF of gas).
The initial Pirie-1 well, planned for late in 2010, holds un-risked P10 OOIP of 23 MMbbl and P50 OOIP 2 MMbbl. Estimated recovery from the initial well is 1M B/O with nearly 65% occurring during first four years. With success, five additional wells may be drilled on the license.
The Cooper Basin is a large sedimentary basin covering some 130,000 km2 and is located in north east South Australia and south west Queensland. Hydrocarbons were first discovered in the Cooper Basin in 1963 and today it hosts some 160 gas fields and 75 oil fields. The Nappamerri and Patchawarra Troughs provide the source rocks for all oil and gas accumulations discovered in the Cooper Basin to date.
PEL 105 is an area of 437 square kilometres, located approximately 60 kilometres north of Moomba in South Australia.
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About the Well
- Adelaide Energy (ASX: "ADE") is the operator of record for this Australian project
- Austin controls a 50% equity position for the license area
The Pirie-1 will be drilled up-dip of Toonman-1 (1983, P&A) well. This well had a large oil show even though it was downthrown to the fault.
- Existing production is located to the northeast of the Pirie-1 (Kudrieke) and to the southwest (Moorari). Like the targeted area of the Pirie-1 well, this production is emanating from the upthrown fault traps
- Re-interpretation of geophysical data has allowed ADE to identify a large hydrocarbon target between the producing Moorari and Kudrieke fields
- The Pirie-1 exploration well:
- will be drilled late in 2010 on a significant closure above the abandoned 1983 Toonman-1 well
- is on a northeast - southwest structural ridge
- is an untested upthrown fault closure at Tirrawarra and Patchawarra Time
- is on the same seismic line as the Toonman-1 well
- A second well location has also been targeted on the licence area and will be further evaluated after the drilling assessment at Pirie-1
- Proximity to pipeline infrastructure and processing facilities high-grades all discoveries in PEL 105