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Woodside Outlines Beagle Plans
Dear Shareholder,
Please see an article released by Woodside Petroleum, that references the region of Phoenix South and the upcoming Roc-1.
WOODSIDE Petroleum will drill up to three wells in the emerging Beagle Sub-basin to test prospects east of the Angel platform and west of the play-opening Phoenix South-1 discovery as part of its bid to rejuvenate its North West Shelf portfolio.The two firm and one contingent wells will be drilled in WA-472-P and WA-473-P, located between 66km and 200km northeast of Dampier.Skippy Rock-1 and Buttons Crossing-1 are located in WA-472-P while Big Brooks-1 sits within WA-473-P.The prospects are named after WA camping sites.All the targets are within 60-90m of water, however Woodside will use a semi-submersible drill rig over a jack-up rig, most likely the Atwood Eagle.The two WA-472-P wells are required to be drilled by May after the oiler secured a 12 months permit extension, while the well in WA-473-P, originally due by May 2016, has been pushed back into final permit year.Woodside was so keen on WA-472-P when it bid for it that it offered two wells in the primary term, while WA-473-P has no drilling commitment until the secondary term.The first well is expected to be Skippy Rocks-1, which is testing a medium-sized target, between 20-100 million barrels, however Woodside has not publicly disclosed the size of any of the Beagle Sub-basin targets.Interest in the Beagle Sub-basin has been amplified by the Phoenix South-1 discovery in WA-435-P to north, where Quadrant Energy plans to drill the Roc-1 well before the end of the year.Woodside’s last attempt at making a discovery in the Rowley Sub-basin area of the Roebuck Basin, Anhalt-1 in WA-462-P, was an expensive deepwater duster.Part of the so-called Outer Canning campaign, Anhalt-1 was drilled to 5105m before being plugged and abandoned as a dry hole.It joined Hannover South-1 and Steel Dragon-1 as dusters.Subsequently BHP handed its 21% interest back to Woodside (now 55%) and Royal Dutch Shell (now 45%).The overlooked Triassic play in the Carnarvon and Roebuck basins is firmly on the radar of Australia’s oil hunters following the Phoenix South oil strike.Woodside’s work will precede BHP Billiton’s plans for Beagle Sub-Basin drilling in 2017-18.BHP has said it is chasing a largely untested liquids play in the Beagle Sub-basin of the Carnarvon Basin.The company has acquired around a 25,000sq.km position in the sub-basin, where it sees a largely untested “tier 1 liquids play" on trend with the Barrow Sub-basin.It has defined four leads to date, each of which has potential of over 400 million barrels recoverable.BHP secured WA-484-P from original applicant CNOOC and last year picked up a 55% interest over the 12,548sq.km WA-480-P from Repsol.WA-480-P has water depths between 1000m and 4,500mdeep, while most of WA-484-P is in more than 2000m of water.The 30,000sq.km Beagle Sub-basin is adjacent to the Rowley Sub-Basin and Beagle Sub-basins, close to the emerging Bedout Sub-basin Triassic oil play, and has fewer than two dozen well penetrations, with a single oil discovery, just five million barrels in the Calypso Formation defined by the Nebo-1 well.Woodside will drill Swell-1 in Exmouth Sub-basin in the second quarter of next near.Swell, another medium-sized prospect, is an older North West Shelf prospect previously worked up by BHP Billiton and Apache Energy when they held the area.Woodside secured WA-483-P in May 2013 and a well is due by May 2016.Woodside completed the 1264sq.km Babylon 3D survey over Swell last year.Swell is understood to be a Triassic tilted fault-block play with three-way dip closure, with the Mungaroo, Birgadier and Barrow formation targets.Woodside will have the Ocean Apex under contract in time for the Swell-1 drilling, but the semi-sub is expected to be assigned to the Greater Western Flank 2 drilling program, assuming a positive final investment decision is made this year.Internationally, Woodside is planning to drill Hongge-1 in South Korea and the Shwe Yee Htun and Tha Lim prospects in Myanmar, all of which are plus 100MMboe targets.Reproduced with kind permission from the author Haydn Black
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(20min delay)