I'm pretty pleased with this permit pickup. I remember when Tangiers Petroleum (now 88E) held this permit (called WA-443-P, NT/P81 at the time). They had some massive deep targets (Nova and Super Nova) thought to possibly be the source for the Barnett and Turtle oil discoveries. Through some bad management Tangiers lost the permit (their farm in partner did not meet the drilling deadline, and they had to relinquish the permit).
Tangiers Petroleum announcement 10 August 2011
Super Novas Multi TCF Potential: significantly large gas-in-place volumesHighlights• Schlumberger (WesternGeco) has completed a probabilistic assessment of the unrisked gas-in-place for Tangiers Petroleum’s Devonian aged Nova and Super Nova prospects located in Exploration Permits WA-442-P and NT/P81 Exploration Permits, Offshore Australia• Best estimate of 107 trillion cubic feet of gas (Tcf) GIIP for combined Super Novas prospects• The unrisked gas-in-place for the Nova prospect, which has a crest of approximately 3425 metres, ranges from a low estimate of 32.7 Tcf to a high side volume of 67.1 Tcf with a best estimate of 47.3 Tcf• The unrisked gas-in-place for the Super Nova prospect, which has a crest of approximately 6085 metres, ranges from a low estimate of 38.2 Tcf to a high side case of 80.6 Tcf with a best estimate of 60.1 Tcf• The significantly large gas-in-place volumes rank the Nova and Super Nova prospects in the same class as the large gas discoveries in the Bonaparte Basin and Northwest Shelf region, offshore AustraliaTangiers Petroleum Limited (ASX: TPT, “Tangiers” or “the Company”) is pleased to announce positive results from recent work on the probabilistic estimate of unrisked gas-in-place for the Company’s Nova and Super Nova prospects.Schlumberger (WesternGeco) has completed its estimate of unrisked gas-in-place for the Nova and Super Nova prospects in its 90% owned Exploration Permits WA-442-P and NT/P81, located in the Southern Bonaparte Basin offshore Australia.The Schlumberger (WesternGeco) combined unrisked gas-in-place values for the two prospects are as follows:Gross (100 Percent) Unrisked Prospective Oil Resources (Trillion Cubic Feet of Gas)P90 P5070.9 107.4 147.7P10The work is a culmination of the recent Phase 1 seismic interpretation and mapping program performed by Schlumberger (Western Geco).
Nova and Super Nova are four-way dip closed structures with areal extents of 240 square kilometres and 232 square kilometres, respectively.The prospects are located within Exploration Permits WA-442-P and NT/P81, which are strategically located in relation to the existing and proposed liquefied natural gas projects in northern Australia. Additional recognized structures and horizons below the Top Bonaparte horizon will be evaluated and matured to prospect status in the upcoming months.Mark Ceglinski, Chairman of Tangiers Petroleum, commented, “Tangiers is thrilled with the results of the Schlumberger (WesterGeco) Phase 1 seismic interpretation program, specifically the very large probabilistic estimate of unrisked gas-in-place for the Nova and Super Nova prospects”.“This is an exceptional outcome and increases confidence in the potential of other recognized structures in the Devonian interval within the WA-442-P and NT/P81 Exploration Permits. Our immediate focus is to continue to build on the Nova and Super Nova results and expand our exploration portfolio within the WA-442-P and NT/P81 Exploration Permits,” Mr Ceglinski said.The crest of the Nova structure is interpreted to be approximately 3425m with an areal closure 240 square kilometres, while the Super Nova crest is interpreted at 6085m with an areal closure of 232 square kilometres. The structure maps along with an east to west seismic line are included below.
This is from a 2011 Tangiers presentation :
WA-422-P and NT/P81 in the Southern Bonaparte basinTangiers has a 90% working interest in these two permits covering 3,900km2 in the Southern Bonaparte basin. These permits include a number of large prospects, including Nova, Super Nova, Milligans Fan, Turtle Barnett Oil Development and Messner Lead. There are existing oil discoveries on the permits, but Tangiers interest is focused on potential massive gas structures with multi-TCF potential.In late November 2011 Tangiers received a CPR for these two Australian permits from ISIS Petroleum Consultants. The report was focused on its Nova prospect which ISIS estimates contains un-risked prospective gas resources of 6.9TCF, at a depth of 3,250m to 3,600m.
WA-442-P, NT/P81Overview Located in the Southern BonaparteBasin offshore Australia, 250 kmsouthwest of Darwin TPT operates with 90% WI Turtle / Barnett Oil discoveries in 1984-85 Milligans Fan Existing gas potential Nova / Super Nova Massive gas structures withmulti TCF potential Prospective resource estimate forthese prospects is being preparedby NSAI Additional structures recognized atmultiple horizons below TopBonaparte seismic event withprospective resource volumes to bedetermined Schlumberger (WesternGeco) mapped 2horizons below the Top Bonaparte Formationresulting in 2 substantial prospects, Nova andSuper Nova Probabilistic estimate of unriskedgas-in-place (GIP) ranges from 71 Tcf to 148 Tcfwith P50 of 107 Tcf combined for the 2prospects Nova prospect unrisked GIP ranges from 33 Tcfto 67 Tcf with P50 of 47 Tcf Super Nova prospect unrisked GIP ranges from38 Tcf to 81 Tcf with P50 of 60 Tcf Unrisked GIP volumes rank Nova and SuperNova prospects in the same class as the largegas discoveries in the Bonaparte Basin andNorthwest Shelf region, offshore Australia Additional structures and horizons recognizedbelow the Top Bonaparte horizon will beevaluated and matured to prospect status
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