PCL reported Saturn was 2000m below seafloor, but it is a large prospect in varying water depth, so it is probably better described as something like 1500-2000m below seafloor in 1700-2200m of water (from screening through some PCL-published maps).
The depth below seafloor (or "mudline") is important as it speaks to reservoir quality. In general, the deeper you go, the lower the porosity (not always). More importantly (IMO) is the source rock maturity. Some time ago, we discussed on this thread the possibility that Saturn was considered slightly immature area (because of its lesser depth of burial). But then Venus and Graff made oil discoveries with associated gas and this changed the thinking and the area was then considered more mature than previously thought. PEL87 then became more attractive and soon after Woodside farmed in.
IMO, PEL87 is located in an early mature source rock area, increasing in maturity to the NE of the block. Plenty of possibility Saturn could be charged from this kitchen and likely less associated (and non-associated) gas than the discoveries to the south.
Hope that makes sense.
Regards
PCL Price at posting:
2.2¢ Sentiment: Buy Disclosure: Held
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