Ann: Less than Marketable Parcel Share Sale Facility, page-28

Found this release a couple of days ago positive news about Perth basin http://www.upstreamonline.com/hardcopy/1228229/players-eye-riches-with-perth-basin-renaissance
Players eye riches with Perth basin renaissance
Companies targeting hydrocarbon riches in Western Australia basin, spurred on by giant Waitsia discovery
Russell Searancke
24 Mar 2017 08:29 GMT   Updated 24 Mar 2017 10:17 GMT

Western Australia is synonymous with big offshore gas fields and liquefied natural gas  operations, and yet in the background a pool of small and mid-cap companies is leading a renaissance in onshore upstream activities in the Perth basin.
The participants in the Perth basin have traditionally gone about their business quietly, led by AWE, Origin Energy and Empire Oil & Gas, which have for some years produced modest volumes of conventional gas and condensate from fields in the Dongara region, such as Beharra Springs, Corybas, Dongara, Gingin West, Hovea, Red Gully and Redback.
Recent years have seen the occasional exploration well targeting a near-field prospect, while companies such as Transerv Energy and CalEnergy have attempted to unlock the Warro and Whicher Range tight gas fields, respectively.
Waitsia find

Everything changed, however, with AWE’s discovery of the Waitsia gas field in September 2014 during the drilling of the Senecio-3 well.
AWE and 50:50 partner Origin claim it is the biggest onshore conventional gas field discovery in Australia in more than 30 years.
An independent report by RISC puts Waitsia’s proven and probable reserves at 460 billion cubic feet of gas plus 232 Bcf of best estimate contingent resource.
AWE believes those numbers support nearly 100 million cubic feet per day of supply for 10 years, and the field has the potential to deliver up to 150 MMcfd.
Given the field’s close proximity to production infrastructure, a fast-track development ensued.
The field was brought on stream last August through a two-well extended production test. Output in the quarter to 31 December 2016 averaged 8.4 terajoules of gas per day (8 MMcfd) plus associated condensate.
AWE and Origin are moving rapidly into stage two, with the drilling of two more wells in the coming months and first production from 2020.
Their exploits have enlivened the other participants in the Perth basin, most of which are junior companies.
Waitsia has also generated interest from overseas, and helped the junior companies with access to capital.
The deep Kingia/High Cliff sandstone interval at Waitsia was not expected to be so bountiful. It had not previously been penetrated in the Perth basin so there is no shortage of excitement within the industry about this new play objective.
“Waitsia has sparked a renaissance in the basin,” says Norwest Energy chief executive Shelley Robertson. “A lot more focus has been brought to the basin, a lot more people have become aware of what is going on, and it’s helped us from an investment perspective.”
She adds: “2017 is shaping up to be a year in which a number of wells will be drilled in the Perth basin – this will reduce costs to all operators by sharing mobilisation and other costs where appropriate.”
The initial wells this year are the Waitsia-3 and Waitsia-4 appraisal wells from April to June, which will test the southern and western extremities of the field and will be completed as producers.
Enerdrill Rig 3, which drilled the original Senecio-3 (Waitsia) discovery well and the three subsequent appraisals, is understood to have been contracted for the next two Waitsia appraisals.
The same rig is a contender for the Norwest Energy-operated Xanadu oil exploration well, which is a significant prospect that has moved to prominence following Norwest’s introduction of three farm-in partners – Australian pair Transerv Energy and Triangle Energy plus Guernsey-incorporated 3C Group. Xanadu has the potential to hold 160 million barrels of oil, and will be a deviated well into offshore Block TP/15.
In the third quarter of 2017, Empire Oil & Gas – the largest acreage holder in the basin – is targeting the drilling of the Lockyer Deep-1 gas well in Block EP368, subject to funding.
Empire believes Lockyer Deep is a potential extension of the Waitsia field’s Kingia deep formation, and is a medium risk well with a best case estimate resource of 58 Bcf.
The EP368 joint venture comprises Empire and Norwest, with stakes of 80% and 20% respectively.
AWE and Origin are understood to be considering another couple of wells at Waitsia – not forgetting that Origin was a whisker away from divesting its entire Perth basin business until it decided in December 2016 to retain the assets for its newly-created upstream company NewCo.
Sources say there was a host of companies wanting to buy Origin’s Perth basin assets.
Another drilling prospect is Arrowsmith-3 in Block EP413, which contains the Arrowsmith gas discovery from 2011.
The joint venture – comprising operator Norwest on 27.945%, AWE on 44.252% and India’s Bharat PetroResources  on 27.803% - believes the permit contains significant potential for conventional gas.
Other operators with drilling plans include UIL Energy, which aims to have the Ocean Hill-2 well permitted and ready to spud in late 2017 in Block EP495.
Meanwhile, the EP437 joint venture – comprising Key Petroleum and Rey Resources, each with 43.47%, and Pilot Energy on 13.06% – approved the budget for drilling the Wye Knot-1 exploration well in 2017.