Listed oil and gas exploration company Oil Basins Limited (ASX:OBL) has announced the identification of a significantly larger Gas in Place estimate than previously defined over one of its major prospects in the Gippsland Basin, Bass Strait.
Company director Carl Dumbrell said today that independent seismic reprocessing and subsequent analysis had resulted in an upgrade of the P50 Gas in Place estimate in the Judith conventional gas field to 1.8 Trillion cubic feet.
The upgrade follows the recent announcement by oil giant ExxonMobil of what could be one of the biggest gas finds in the Bass Strait, a potential 2 Trillion cubic feet field named Dory. The Judith field is located within Oil Basins Limited’s Vic/P47 exploration permit just two kilometres from Exxon Mobil’s recently developed and now in production Kipper field.
“It is exciting to announce a major Gas in Place upgrade for our Bass Strait assets at a time when activity in the region is strengthening as operators address gas supply concerns and price jumps on the east coast.
“Having dramatically reduced our Company cost structure over the past 12 months we are now fully focussed on our Bass Strait assets, located within Australia’s premier oil and gas province,” Mr Dumbrell said.
Over the past 12 months, Oil Basins Limited commissioned 3D Geo Pty Ltd to complete an independent study of the Judith prospect, including seismic reprocessing, interpretation and modelling of the seismic data.
The study included reprocessing and merging two existing 3D seismic survey cubes, the generation of amplitude-preserved gathers for QI geophysics, the re-interpretation of target gas sands and important seismic events, construction of a well-defined 3D model, modelling of rock facies and the associated sedimentological analysis. The work done also included an assessment of the Hydrocarbon volumes in place.
Oil Basin Limited’s Vic/P47 permit covers 202km2 containing the Judith and Moby conventional gas fields. Two-gas discovery wells have been previously drilled within the permit.
Moby-1 was drilled by Bass Strait Oil in 2004. The Judith-1 well was drilled by Shell in 1989 and discovered gas in multiple tight alluvial fan sandstones of the Admiral Formation, Emperor Subgroup.
The Judith Gas Field is located some 2 km north of the Kipper Gas Field and 15 km SSE of the Patricia/Baleen gas fields.