Talon Petroleum holds high hopes for Perth basin Condor prospect

Talon Petroleum Ltd., Perth, holds high hopes on the North Perth basin of Western Australia. The company has released its initial estimated recoverable prospective reserves for the high relief Condor prospect contained in permit EP494 and special prospecting authority SPA 0081 which lie about 50 km north of Perth.

Formerly known as the Muchea structure, Condor has an estimated (P50) prospective gas resource of 408 bcf along with a P50 prospective 20 million bbl of condensate.

Talon moved into the permits earlier this year following execution of an agreement with privately held Macallum Group Ltd. that provides for Talon’s acquisition of a 100% interest and operatorship of the two areas.

Talon already has a stake in the basin through a farm-in interest in the Strike Energy Ltd.-operated permit EP 447 to the north which surrounds Walyering gas field. Talon will earn a 45% interest by funding the Waylering-5 appraisal well that is due to be spudded later this year.

If Waylering-5 is successful, the Condor prospect will provide an important follow-on drilling opportunity, Talon said.

Condor has been mapped as an elongate north-south trending feature with high vertical relief and two crestal areas within an interpreted overall three-way closure wrapping into the downthrown side of the basin-bounding Darling Fault. The likely reservoir target will be the Jurassic-age Cattamarra Coal Measures that contain sandstone intervals as well as providing potential source and seal.

Under its agreement with Macallum, Talon intends to undertake low-cost initial exploration work, including additional seismic, to better define the potential of Condor and mature the prospect to drillable status.

Elsewhere in the Perth basin, Talon secured a right of first refusal over the Ocean Hill gas discovery in permit EP 495 immediately north of Walyering.