The joint venture led by RCM Australia (RCMA) Pty Ltd. received regulatory approval to drill the proposed Cervantes-1 wildcat in the onshore North Perth basin production permit L14 in Western Australia.
The prospect is within the producing Jingemia oil field license and lies on the coast to the southwest of Jingemia field and between Hovia and Cliff Head (offshore) oil fields. Together, the three fields have produced over 27 million bbl of oil from the main Permian-age reservoirs in the North Perth basin.
The Cervantes feature is a high-side fault trap of multiple Permian reservoir units and shares a similarity with the surrounding discovered fields.
The prospective reservoirs of Dongara, Kingia, and High Cliff sandstones could contain up to 15 million bbl on a best (2U) estimate.
Cervantes-1 will be operated by RCMA with drilling management services supplied by Aztech Well Construction Pty Ltd. The estimated spud date is mid-March depending on the release of the rig currently drilling Strike Energy’s South Erregulla-1 further to the east.
The well is to be 50% funded by Vintage Energy Ltd., Adelaide, and 50% by Metgasco Ltd., Sydney, both of which farmed into the permit in late 2019 to participate in the Cervantes wildcat (OGJ Online, Nov. 18, 2019).
The resulting interests are RCMA 40% and operatorship, Vintage 30%, and Metgasco 30%.