Tamaska Oil & Gas Ltd., Perth, has acquired a 20% interest in the Talisman Deeps project in production license WA-8-L in the offshore Barrow-Dampier subbasin of Western Australia.
The license contains an undrilled up-thrown tilted fault block prospect named Napoleon which recent seismic mapping suggests could be of similar significance to Dorado and Wanaea oil fields.
Tamaska bought its interest through the acquisition of a 20% shareholding in Skye Napoleon Pty Ltd. which owns 100% of the Talisman Deeps comprising all petroleum rights below 2,700 m subsea in WA-8-L.
Tamaska has the right to convert the shareholding to a 20% direct participating interest upon a joint venture for the project being formed.
The Napoleon prospect will be brought to drill-ready status over the next 4 months beginning with a 3D seismic reprocessing program now under way followed by subsurface interpretation. In May, the work will move to an independent resource estimate and detailed well planning and cost estimates.
The main Napoleon target is estimated to lie at 4,500 m TVD. Water depth is 80 m, suitable for drilling with a jackup rig. A preliminary dry-hole cost estimate for the well is $45 million (Aus.).
Consideration to acquire the interest is the issue of 45 million ordinary Tamaska shares and 45 million performance shares. There is no cash consideration.
Tamaska currently holds net cash of $2.6 million (Aus.). The company estimates its 20% share of costs to bring the Napoleon prospect to drill readiness will be $250,000 (Aus.).
