Sydney - Wednesday - Oct 26: (RWE Australian Business News) - Oil Basins Ltd (OBL) says a practical 'new' rapid development hub Extended Well Test concept may lead to greatly improved economics allowing the development of the Cyrano Oilfield (offshore Carnarvon Basin, Western Australia) within a modest risked capital of circa $US30m and with expected capital recovery breakeven estimated within 12 months.
The concept is subject to reservoir risk.
Oil Basins engaged petroleum engineering project consultants DU-EL Drilling Services Pty Ltd to review all previous engineering studies and to develop a plan for its possible development as part of the recent Retention Lease R3 / R1 Cyrano Renewal.
The DU-EL Scoping Study has successfully built upon earlier work by RPS Energy and suggested the new rapid development EWT standalone concept.
Capital costs are estimated at between $US30/bbl and $US38/bbl - some 32pc to 40pc of the previously estimated uneconomic gross comparable development cost.
With further reservoir simulation studies, the company has been advised that the potential exists, with well-designed completions and economic shortlived EWTs, to high-grade reserves from the circa 1.5 MMbbls 2C reserves already booked on March 31 to between 2.0 MMbbls and 4.0 MMbbls 2P reserves for Cyrano Oilfield (alone).
