Pilot Energy: WA507-P update & commencement of sale
Highlights
▪ The WA 507 P Joint Venture (Pilot Energy 80%; Black Swan 20%) has decided to market for sale the unencumbered joint (100%) interest in the permit.
▪ Three very large leads have been identified on high – quality 3D seismic .
▪ A combined best case Prospective Resource of 1.6 billion barrels (Bbbl) of oil or 10 Trillion cubic feet (Tcf) of gas on – block has been independently verified by Gaffney Cline and Associates .
▪ Partner Black Swan Resources has agreed to manage the sale process on behalf of the JV.
Pilot Energy is pleased to announce that the WA – 507 – P Joint Venture (Pilot Energy 80%) has resolved to market for sale an unencumbered 100% interest in the permit. The sale will allow Pilot to focus on its Perth Basin interests . The highly prospective permit covers 1,622 km2 of the Exmouth Plateau, near the Thebe, Scarborough and Jupiter gas fields and is surrounded by recently awarded WA – 530 – P and WA – 529 – P permits (Figure 1) .
The WA – 507 – P permit is covered by a high – quality 3D seismic dataset, acquired and processed by the geophysical company TGS in 2010 . From this data the Joint Venture mapped three very large prospects at the Mungaroo reservoir level (Figure 2) . The Dalia Updip, Beta and Gamma prospects were subsequently the subject of an independent estimate of Prospective Resources by Gaffney Cline and Associates (GCA) , as announced 20 October 2015 . Further geological and geophysical studies matured the prospects.