FRESH from an extended stay on the Hardman Resources and Bounty Oil & Gas Woodada 19 exploration well in the Woodada gas field, Century rig 24 has been on the move this week, to explore at least two more prospects in the Perth Basin.
FRESH from an extended stay on the Hardman Resources and Bounty Oil & Gas Woodada 19 exploration well in the Woodada gas field, Century rig 24 has been on the move this week, to explore at least two more prospects in the Perth Basin.
First in the queue is the Hovea field, to follow up on last October’s Hovea 1 oil find 14 kilometres south of Dongara.
Partners in the Hovea field, Origin Energy and Arc Energy, are hoping for a mid-month spud of follow-up appraisal well Hovea 2, which they have described as “exciting and unique”.
Production testing of Hovea 1 suggested an oil accumulation with recoverable reserves up to 24 million barrels and new 3D seismic data has boosted confidence for confirmation of a commercial field from Hovea 2.
Origin has an option to retain Century-24 for the Jingemia 1 well in EP 413, and another – with Arc, depending on the Hovea 2 outcome – to move it to Hovea 3.
Meanwhile Empire Oil & Gas and CalEnergy Gas (UK) are also waiting on Century-24 or the other suitable rig OD & E-16, to help test the large Eclipse structure in EP 389, just 50 kilometres north of Perth.
Empire Oil & Gas managing director Craig Marshall said Eclipse was seismically well-defined and had the best undrilled anticlines in onshore WA.
Empire is keen on the field that boasts “textbook geology”, an estimated 557 billion cubic feet of gas giving it a life of 20 years, and close proximity to both the Parmelia and Dampier to Bunbury pipelines. But it may have to wait until July to start on Eclipse-1.
The location is ready for a rig, all third party services have been appointed and all long-lead items are on hand.
However, Empire is not just waiting in line for Century-24 or OD & E rig-16.
It still needs a farm-in partner to take a minimum 19 per cent of its 59 per cent stake and says it is in advanced negotiations with two possible partners – one in the US and one in Australia, with an announcement “imminent”.
Arc says it will have a choice of markets for oil from Hovea, while Empire says demand expectations for gas are bullish and the company will be able to quickly bring onstream any commercial gas from Eclipse-1, which is close to two pipelines.
Late last month Arc Energy shares traded at a year-high of 59 cents.
Empire Oil & Gas, which plans to drill the Perth Basin Leschenault prospect north of Bunbury later in the year, has also enjoyed increased volumes of trade over the past three weeks, with almost five million shares traded during one day.
Hardman and Bounty, which suspended Woodada 19 as a potential producer - but will both be involved in an aggressive offshore Perth Basin drilling programme due to commence this coming summer – have experienced mixed trading.
Hardman has varied between 65 and 70 cents over the past two months, compared with a 52-week high of $1.08, and Bounty between 12.5 and 18 cents, from a year high of 24 cents.
Like Empire, Amity Oil has all the casing and tubing required to drill and complete a Perth Basin well it hopes to drill this year – Whicher Range 5 near Busselton – and has talked of an imminent announcement for a necessary prior farm-in.
First in the queue is the Hovea field, to follow up on last October’s Hovea 1 oil find 14 kilometres south of Dongara.
Partners in the Hovea field, Origin Energy and Arc Energy, are hoping for a mid-month spud of follow-up appraisal well Hovea 2, which they have described as “exciting and unique”.
Production testing of Hovea 1 suggested an oil accumulation with recoverable reserves up to 24 million barrels and new 3D seismic data has boosted confidence for confirmation of a commercial field from Hovea 2.
Origin has an option to retain Century-24 for the Jingemia 1 well in EP 413, and another – with Arc, depending on the Hovea 2 outcome – to move it to Hovea 3.
Meanwhile Empire Oil & Gas and CalEnergy Gas (UK) are also waiting on Century-24 or the other suitable rig OD & E-16, to help test the large Eclipse structure in EP 389, just 50 kilometres north of Perth.
Empire Oil & Gas managing director Craig Marshall said Eclipse was seismically well-defined and had the best undrilled anticlines in onshore WA.
Empire is keen on the field that boasts “textbook geology”, an estimated 557 billion cubic feet of gas giving it a life of 20 years, and close proximity to both the Parmelia and Dampier to Bunbury pipelines. But it may have to wait until July to start on Eclipse-1.
The location is ready for a rig, all third party services have been appointed and all long-lead items are on hand.
However, Empire is not just waiting in line for Century-24 or OD & E rig-16.
It still needs a farm-in partner to take a minimum 19 per cent of its 59 per cent stake and says it is in advanced negotiations with two possible partners – one in the US and one in Australia, with an announcement “imminent”.
Arc says it will have a choice of markets for oil from Hovea, while Empire says demand expectations for gas are bullish and the company will be able to quickly bring onstream any commercial gas from Eclipse-1, which is close to two pipelines.
Late last month Arc Energy shares traded at a year-high of 59 cents.
Empire Oil & Gas, which plans to drill the Perth Basin Leschenault prospect north of Bunbury later in the year, has also enjoyed increased volumes of trade over the past three weeks, with almost five million shares traded during one day.
Hardman and Bounty, which suspended Woodada 19 as a potential producer - but will both be involved in an aggressive offshore Perth Basin drilling programme due to commence this coming summer – have experienced mixed trading.
Hardman has varied between 65 and 70 cents over the past two months, compared with a 52-week high of $1.08, and Bounty between 12.5 and 18 cents, from a year high of 24 cents.
Like Empire, Amity Oil has all the casing and tubing required to drill and complete a Perth Basin well it hopes to drill this year – Whicher Range 5 near Busselton – and has talked of an imminent announcement for a necessary prior farm-in.
