- Oil and Gas prospective resources estimated in Loki prospect in ATP 2020
- Best(P50) recoverable oil resource of 6.4 MMbbl in Jurassic/Cretaceous sands
- Best(P50) recoverable gas resource of 13.1 Bcf in Permian sands
- One shallow exploration well can drill both geological targets
- Metgasco has initiated a farm-out process and several parties have expressed an interest in reviewing the data room information
Metgasco Ltd (ASX:MEL) (“Metgasco”) is pleased to announce the following prospective resources for 100% owned Cooper/Eromanga Licence ATP 2020. These estimates are based on our in-house geo-science evaluation of the prospective oil and gas resources contained within the Loki prospect following re-processing of legacy 2D seismic data.
The ATP2020 licence is 535km2 in area and was granted 100% to Metgasco in 2018. A geological and engineering review of all wells previously drilled in the permit has been carried out. A review of publicly available exploration and production data from neighbouring blocks has also occurred. The licence is in close proximity to areas of hydrocarbon sources and consider that a relatively low cost shallow well can drill both the oil and gas geological targets identified in the Loki prospect.
A Native Title Agreement is in place. The area is underexplored with limited activity over the last 30 years. A gas pipeline traverses the permit and an oil pipeline is close to the Licence. The primary gas target is the Toolachee sands and the primary oil target is the Jurassic Cretaceous sands. Both of these sands have commercially produced hydrocarbons in the vicinity of ATP2020 at the Wareena gas field and the Toby oil and gas field.
Metgasco’s sub-surface work indicates that the Loki prospect extends into a neighbouring un-licenced area and has commenced an application with the regulator to secure tenure.
Metgasco have initiated a farm-out process of the ATP2020 Licence, and several parties have expressed an interest in reviewing the data room.
Please click on the attached .PDF to view full announcement
Ken Aitken, CEO
Phone: +61 08 6245 0062