Vintage Energy Ltd. will begin basin modelling, petrophysics and a rock physics trending study leading to acquisition of about 100 sq km of 3D seismic on an exploration permit in the southwest Cooper basin of South Australia immediately south of Warrior oil field.
The company successfully bid for the permit, designated CO2019-E (PELA 679), and holds 100% interest. The company is likely to bring in farminees to help finance the work program, it said.
The fragmented permit, which covers 393 sq km, is held under an initial 5-year term with options for two more 5-year renewals. There is a two-well commitment during the licence term.
Vintage is primarily focused on oil exploration in the region where the permit has oil potential in the Permian of the Cooper basin as well as the Jurassic in the overlying Eromanga basin. The Jurassic reservoirs in Warrior field have produced over 4 million bbl of oil.
The permit has sparse coverage of poor quality 2D seismic, but the company has identified three Jurassic four-way dip closures and one Permian Patchawarra formation stratigraphic play.
The morphology of basement-influenced Jurassic structures located up-dip and along trend of Permian stratigraphic hydrocarbons is analogous to the prolific Western Flank play to the north where Pennington and Bauer oil fields are up-dip of Permian Udacha-Middleton fields’ stratigraphic gas reservoir, the company said.
