Pilot boosts WA gas resource by 250 per cent | Australian Markets

Pilot Energy has boosted its WA Leander potential gas resource by a whopping 250 per cent to an estimated 1116 billion cubic toes of gas and 18 million barrels of condensate.

The improve to the resource adopted a detailed review of the company’s offset wells, together with onshore exploration and appraisal wells, along with remapping of 2D seismic information.

Pilot’s WA-481-P allow, which covers the Leander gas prospect, is one of the most important offshore exploration permits in Australia. It overlaps with the company’s G-12-AP Greenhouse Gas exploration allow.

Management believes the offshore petroleum system within WA-481-P shares related traits with the onshore Dandaragan Trough and likens it to the prolific onshore Perth Basin gas discoveries of Waitsia, Erregulla and Lockyer Deep.

Pilot says the possible Leander sources have the potential to produce it with ample gas for a minimal of 30 years to supply low-carbon ammonia at its Mid West Clean Energy project.

It expects to start a formal farm-out course of shortly to secure a accomplice succesful of funding its deliberate near-term exploration actions.

The allow covers 8605 sq. kilometres throughout shallow waters off the WA coast, encompassing each the Dunsborough oil discipline and Frankland gas discipline. The allow space is effectively positioned adjoining to the onshore Perth Basin oil and gas discoveries on the Beagle Ridge and Dandaragan Trough.

Notably, a technical examine in 2023 recognized a materials gas fairway within the offshore part of the Perth Basin that mirrored the Dandaragan Trough. The company’s technical personnel have since continued to advance and develop its subsurface modelling, ensuing within the replace to Leander’s resource.

Leander is 15 kilometres west of the prevailing Cliff Head oil platform and is essentially the most superior goal within the WA-481-P space.

Pilot additionally has the Harrier and Hawk gas prospects instantly south of Leander, which offer it with extra, close by exploration targets.

The company has the added luxurious of three promising oil targets that sit southeast of Leander on the structural pattern close to the Cliff Head oil discipline and the Xanadu oil discovery, which encountered hydrocarbons when drilled in 2017.

The mixed targets of Babbler, Brahminy and Cliff Head S-W are estimated to include potential oil sources totalling an estimated, recoverable 66M barrels.

The allow space additionally incorporates the Dunsborough contingent oil resource (2C) of 6M barrels and the Frankland contingent gas resource (2C) of 42B cubic toes of gas.

Pilot believes the expanded resource is prone to considerably increase curiosity from third events when the company begins the farm-out course of. It plans to focus on potential companions to help fund its upcoming Eureka 3D seismic survey and future drill applications.

Recently revised mapping of the reprocessed 2D seismic information set has resulted in a remapped construction at Leander, indicating a four-way dip lure or anticline, with an elevated closure top, thickness and better confidence degree.

Access to open information has allowed Pilot to conduct a quantity evaluation on its targets following an in depth review of onshore gas wells, together with Waitsia and Lockyer.

The evaluation has supported the company’s working concept that there are three sandstone reservoirs.

The company believes the stacked sandstone formation has significantly improved the reservoir’s potential to lure and store hydrocarbons, rising its attainable goal volumes.

Pilot’s boosted potential gas resource could allow the company to deliver some helpful {dollars} within the door from funding companions, decreasing its future exploration prices and serving to it to retain money for different promising tasks.

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