Bass Oil Ltd., Melbourne, signed a conditional agreement to acquire certain non-operated Cooper basin, South Australia, assets from Cooper Energy Ltd., Adelaide, for $650,000 (Aus.).
The Beach Petroleum Ltd.-operated assets to be acquired include:
- 30% of PPL 207, which includes Warrior field;
- 30% of former PEL 93, now retention leases PRLs 231-233, which contains the drill-ready Tyrell oil prospect;
- 19.17% of former PEL 100, now retention leases PRLs 207-209, which contains the drill-ready Athelstan oil prospect;
- 20% of former PEL 110, now retention leases PRLs 183-190 and PRL 237, which contain the Frostfang prospect.
Worrior field was discovered in 2003 with oil contained in both Permian-age Cooper basin reservoirs (Patchawarra formation) and overlying Mesozoic-age Eromanga basin sands (Murta, McKinlay-Namur, Birkhead, and Hutton formations).
The field has produced over 4 million bbl of oil and is currently producing 40 b/d. It has a reported remaining 2P reserve of 0.18 million bbl. The field also contains 2C contingent resources of 0.67 million bbl.
Further upside is seen in the Murta reservoir which has yet to be tested along with potential for improved recoveries in the Patchawarra and Hutton reservoirs.
The Tyrell prospect is on-trend with the western flank oil fairway. Assessments estimate potential to hold 2.3 million bbl of oil within the McKinlay-Namur sands.
The Athelsatan prospect is on trend with Santos-operated Keleary field. Assessments estimate potential to hold 1.2 million bbl of oil.
The Frostfang prospect could contain around 3.3 million bbl of oil within Jurassic and Permian reservoirs. It has been identified on 2D seismic and is likely to be derisked with a 3D seismic survey in the future.
Bass Oil is primarily an onshore Indonesian oil producer with existing permits in Sumatra.