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Ann: 1Q21 Quarterly Activities Report & 5B, page-38

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Oraka

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29/04/21

17:24

Post #: 52821095
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Originally posted by _ebit: ↑

lWESTERN AUSTRALIA PETROLEUM EP 447
FARM-IN RENEGOTIATED AND UPDATE ON ACTION
Greenpower Energy Limited (ASX:EPP) wholly owned subsidiary GCC Methane Pty Ltd
(GCCM) is the 100% holder of Western Australia Petroleum Exploration Permit 447 (EP 447),
located in the north Perth Basin, straddling the Brand Highway near Cataby, and covering
about 3000km2
. It encompasses the formerly producing Walyering gas field.
Walyering Gas Field Background
The Walyering Gas Field is in the southern part of EP 447 where a previous holder drilled wells
and achieved commercial gas production. The Parmelia gas pipeline passes through the field.
Walyering No 1 [W1], drilled in the 1970s had flow rates from sandstone and was in production.
Flow rates of up to 12mmcfd were recorded and total production was ~0.3bcf plus some
condensate. W2 also flowed at substantial rates but was never put into production. W3 was
unsuccessful and appears to have been drilled outside the margin of the field.
In 2002 a new operator drilled W4 about 150 metres from W1 and planned to carry out a
massive frac on the main sand. To some surprise the reservoir was not intersected and the
well was abandoned. Due to budgetary considerations the operator was not able to go to a
“plan B” sidetrack, and in fact there was no fall back plan. The greater Walyering area is an
excellent candidate for development of conventional gas-in “lennsy” reservoirs and/or tight gas
development. WA’s Department of Mines and Petroleum suggests, on the basis of information
to date, that the Walyering field could contain 389 bcf of gas.
UIL Farm-In: First Agreement
In July 2010 Greenpower entered into negotiations with a US private equity firm UIL LLC,
which specialises in tight gas exploration and based in New Mexico. UIL sought a farm-in
venture for EP 447.

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If they drill we5 could they go back 2 we3 and side track and would it be counted as there option drill or just a continuation of the we3 drill.

STX Price at posting: 37.5¢ Sentiment: Buy Disclosure: Held
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