re: Ann: Independent Resource Assessment Laur... Firstly, terrible effort by me in attempting to copy the article. Here is the text anyway. sigh.
Courtesy of ormond, from the NSE threads.
(Cheers ormond for finding it)
Canning Basin oil and gas prospectivity continues to grow
Canning Basin oil and gas prospectivity continues to grow
Friday, February 08, 2013 by Bevis Yeo
With Buru Energy outlining a massive wet gas resource within the Laurel Formation in its tenements and Key Petroleum encountering oil shows in the Goldywer Shale at the Cyrene-1 exploration well, the Canning Basin is looking increasingly prospective for oil and gas.
Canning Basin players listed on the Australian Stock Exchange will no doubt be in the sights of investors with evidence that it hosts a massive oil and gas resource continuing to emerge.
At the top of the least is Buru Energy’s (ASX: KEY) release of a report estimating a massive 47 trillion cubic feet gas resource within the Laurel Formation in its Canning Basin tenements.
The system, which Buru describes as a Basin Centred Gas System, could also contain almost 1.2 billion barrels of condensate.
This gives the Laurel Formation the potential to rival the Northwest Shelf off northwestern Australia in size.
Nor is Buru’s announcement the only positive out of the Canning.
Key Petroleum (ASX: KEY) has also returned encouraging signs from the drilling of its Cyrene-1 exploration well with oil shows seen in the target Goldwyer Shale.
Cryrene-1 had intersected oil shows over a 43 metre interval in the lower Grant and Goldwyer Formations from a depth of 915 metres, which Key managing director Kane Marshall said supported the interpretation that the Goldwyer is oil generative in this part of the Canning Basin.
More oil shows have since been observed in the well.
While the Goldwyer has been assessed by the U.S. Department of Energy in 2010 as hosting Risked Recoverable Resources of 229Tcf across the Canning Basin, Key’s results draws comparisons to the oil and liquids rich shale plays in the U.S.
Proving up the prospectivity of these oil shows would represent a major catalyst for Key and other Canning Basin players that hold acreage in the oil productive parts of the Goldwyer.
Notably, Australian acreage holders typically hold tracts measured in the hundreds or thousands of square kilometres, contrasting with the acres that are more typical in the U.S.
While the Canning is no doubt less developed, the sheer potential is still staggering.
New Standard Energy (ASX: NSE) has also being drilling into the Goldwyer with its Gibb Maitland-1 well, though ongoing issues with the rig have forced the company to terminate the drilling contract.
However, the company’s first well Nicolay-1 confirmed that the Goldwyer Formation at the site was located within the late oil and wet gas generation window.
This supported its thermal maturity model underpinning the Goldwyer program and confirms the potential for substantial hydrocarbon resources to be hosted across New Standard’s acreage.
Other players include Oil Basins (ASX: OBL), which has secured Native Title over the 5/07-8 EP (Derby Block) and is now awaiting formal award from the Western Australia State Government.
Permit 5/07-8 EP covers 5,062 square kilometres and has the potential to host both coal seam gas and shale gas. It remains largely under explored with just three deep exploration wells drilled to date in the permit or nearby.
The news has also come at a possibly fortuitous time for Strata-X Energy (CVE: SXE, ASX: SXA), which is offering 33.3 million CHESS Depositary Interests (CDIs) at $0.30 each to raise exploration funds.
While the company has significant U.S. oil and gas assets, it is also applying for a 1.4 million acre tenement covering the Laurel Formation.
Challenges and opportunities
The Canning Basin’s remote location represents a challenge for exploration as it requires higher mobilisation and demobilisation costs for drilling rigs and other equipment. Infrastructure is also limited.
However, the rewards may well be worth the risks and costs. Continued success will draw more investment in the usual snowballing effect that can be seen in any greenfield resource region.
Buru is also planning for a $500 million pipeline that will link its tenements with the domestic gas network in the Pilbara. This is likely to pave the way for further infrastructure building.
Source: proactiveinvestors.com.au
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