This is our new patch (VIC/P72): Release area V17-1 The VIC/P72...

This is our new patch (VIC/P72):

Release area V17-1


The VIC/P72 permit area was previously part of VIC/P54 held by BHP (discovering the Longtom field in 1995), Liberty Petroleum, then Nexus with Apache farming-in to drill Fur Seal-1.

The VIC/L29 Longtom licence area was carved out of VIC/P54.  Fur Seal-1 (plugged and abandoned as a dry hole in 2005) is the only well drilled within our VIC/P72 permit area.

Significant prospects/leads within VIC/P72 area appear to be limited to Longtom West and Hussar.


Upon the demise of Nexus, Gaffney Cline & Associates reporting to the DOCA Administrator noted:
https://www.mcgrathnicol.com/app/uploads/ASX-Announcement-31-October-2014.pdf

1.11 Longtom West Prospect
The Longtom West Prospect lies to the west of, and on the same fault block as, the Longtom Field. The structure lies on a northwest southeast trending fault block. The prospect is dip closed to the northwest and southeast but requires fault seal to the southwest and northeast. The primary reservoirs are the Top 500 and Top 400 sands. To the west the reservoir is overlain by a combination of Turrum channel fill and volcanics where the reservoir is truncated against the Longtom Unconformity and this is the key risk for the prospect.

Prsopective Resource (GCoS 36%)
Gross Raw gas (BCF) Low  4   Best 47   High 117
Condensate (MMBbl) 0 .4   1.2


1.12 Hussar Prospect
The Hussar Prospect is located in the southwest of the VIC/P54 Block. The prospect lies on an east to west trending fault terrace and is dip closed to the east and south but requires fault closure to the west and north and this is the key risk for the prospect. The structure lies on the same fault block as the Remora and South East Remora discoveries and the Moonfish Field. The prospect has multiple stacked reservoir targets which extend from the Upper Latrobe Group down to the Golden Beach Group and extends into the adjacent VIC/L3 licence. The Hussar Prospect lies along strike from the Remora Field which has been penetrated by the Remora-1 and SE Remora-1 wells and contains stacked oil and gas sands within the Upper Latrobe and Golden Beach Subgroup. Nexus has interpreted juxtaposition across the northern Remora Fault to be against Strzelecki Group. No volumes or GCoS have been supplied by Nexus for audit as there may be additional work that is required to mature this prospect. GCA considers Hussar to be a lead currently, based on SPEPRMS definitions, and assigns no direct value.