News: Rampart Energy secures Western Australia oil exploration block

Rampart Energy (ASX:RTD) has secured rights to an 80% interest in an oil exploration block offshore Western Australia that is on trend with numerous oil and gas discoveries.

Already, four exploration leads with resources ranging from 5 million to 15 million barrels each have been identified on existing 3D seismic data.

WA-503-P is located within the Dampier Sub-basin, inboard of the giant Northwest Shelf complex, and its shallow water depth allows for drilling by lower cost jack-up drilling rigs.

The decommissioned Legendre field is situated some 20 kilometres to the northeast of the block, and produced over 40 million barrels of oil from excellent quality sandstone reservoirs.

The most recent discovery in the area, Hurricane, is believed to contain over 100 million barrels of oil in place (plus associated gas and condensate) within a structural/stratigraphic combination trap.

This is one of the play types being targeted by Rampart.

WA-503-P carries a three-year primary term that includes a commitment to acquire 80 square kilometres of new “Broadband” 3D seismic data and complete various geological and geophysical studies.

The seismic commitment is incorporated in to the first year of the permit, expiring in May 2015, and Rampart Energy will approach the National Offshore Petroleum Titles Administrator to determine the best way to implement an appropriate work program over the block.

The primary exploration focus in WA-503-P will be the Lower Cretaceous to Upper Jurassic sandstone reservoirs within the oil rich Legendre Trend, situated along the eastern flank of the Lewis Trough.

Existing exploration wells within and adjacent to the block confirm the presence of a working oil system, having encountered oil shows and, in one case, a 4 metre oil column.

The remaining 20% is held by Black Swan Resources Pty Ltd, which will be carried by Rampart through the primary term of the permit.

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