la bella prospects

a little history.from
http://dpistore.efirst.com.au/product.asp?pID=559&cID=8&c=27139
EXPLORATION HISTORY
Petroleum exploration in the offshore part of the Otway Basin commenced in 1959, with the first offshore permits, PEP 22, PEP 40 and PEP 49 awarded to the Frome-Broken Hill consortium. Extensive offshore aeromagnetic surveys were carried out in 1960 and 1961, providing the first accurate indication of the basin's true offshore extent. This was followed by the first marine seismic survey off Warrnambool in 1961.
In 1966, Esso and Shell farmed into the offshore Otway Basin hoping to find an analogue to the Gippsland Basin, which by then had just experienced a raft of new, large gas and oil discoveries. Their efforts were, however, largely unrewarded. Pecten 1A, the first offshore well in the Otway Basin, was drilled on the Mussel Platform by Shell in 1967. The well flowed dry gas at 0.145 MMcfd from a test of a sandstone interval in the Upper Cretaceous Waarre Formation.
Esso farmed into PEP 40 and PEP 49 and drilled 2 offshore wells; Nautilus 1 in 1968 and Mussel 1 in 1969. Both wells were plugged and abandoned with no significant shows encountered. Between 1970 and 1975, the offshore permits were re-issued, with PEP 22 becoming VIC/P10, PEP 40 becoming VIC/P6, and PEP 49 becoming VIC/P7. Shell and Interstate Oil Ltd (IOL) jointly held VIC/P10, while Hematite Petroleum (a BHP subsidiary and a member of the original Frome-Broken Hill consortium) held permits VIC/P6 and VIC/P7. Seismic surveys were undertaken in the offshore petroleum exploration permit areas by Hematite (between 1972 and 1976) and by Shell and IOL (between 1970 and 1975). By 1976, discouraged by the lack of commercial oil or gas discoveries, the major companies had begun to withdraw from the Otway Basin. Little exploration work was carried out between 1975 and 1980 and the petroleum exploration permits were relinquished progressively.
In 1980, three permits VIC/P14, VIC/P15 and VIC/P16 were awarded covering much of the shelfal portion of the basin. Phillips Petroleum drilled two wells in VIC/P14; Discovery Bay 1 in 1982 and Bridgewater Bay 1 in 1983. Neither well encountered significant hydrocarbons shows. In 1982, Esso drilled Triton 1 ST1, located in the eastern offshore Otway Basin, again without encountering any significant hydrocarbons. Between 1986 and 1988, with the exception of VIC/P14, the permits were relinquished progressively and very little exploration was undertaken.

In 1990, BHP Petroleum (BHPP) farmed into VIC/P14, and in the same year, was awarded two new petroleum exploration permits; VIC/P30 and VIC/P31. These permits covered a large proportion of the Mussel and Prawn platforms in the eastern part of the basin. BHPP recorded in excess of 3,500 line km of regional and semi-regional marine seismic data, including the 3,200 line km OH91B seismic survey which covers part of the Mussel Platform. In 1993, BHPP made two gas discoveries on the Mussel Platform (Minerva 1 and La Bella 1), and drilled two dry wells; Eric The Red 1 and Loch Ard 1, on the eastern flank of the Shipwreck Trough. After drilling an additional two wells that recorded only scattered gas shows, BHPP relinquished the permits in 1997, though retention permits were taken out over the Minerva and La Bella fields

Since 1999, there has been a strong resurgence in exploration activity in the Victorian sector of the Otway Basin, with increased success rates driven largely by technological advances such as 3D seismic. A major exploration program by the Woodside Joint Venture resulted in the discovery of the large Geographe and Thylacine gas fields in 2001. Geographe is located within Victorian waters and Thylacine is located in Tasmanian waters. Another commercial gas discovery, Casino 1, located about 20 km southwest of the Minerva field, on the western flank of the Shipwreck Trough, was made by Strike Oil in 2002. Discoveries were made in 2004 and 2005 by Santos Limited at Martha 1 and Henry 1 respectively and by the Woodside Energy-Origin Energy Joint Venture at Halladale DW1, and Halladale DW2 in 2005, both of which are nearshore wells. The Henry and Casino gas developments, originally in VIC/P44, are now operated by Santos Limited. These developments are the company's main projects to expand their southern gas assets; production from the Casino gas field commenced in 2006 and the Henry gas field in early 2010.
Overall, there has been an increase in both the exploration success rates and the size of fields discovered over the last few years within the Otway Basin. This is probably due to a combination of factors, which include dramatically improved trap definition (a result of 3D seismic acquisition), an improved understanding of seal integrity (especially fault seal integrity) and an overall improved understanding of the critical success factors in the region (O'Brien and Thomas, 2007; O’Brien et al 2009).

also

La Bella 1 (1993)
La Bella 1 was drilled by BHP Petroleum Pty Ltd, on the outer Mussel Platform to test closure mapped at the Waarre Formation level in a tilted-fault block. The well was drilled in 94 m of water and reached a TD of 2,735 mRT in the Waarre Formation. Hydrocarbons were encountered in sands of both the Flaxman (15 m gross column) and Waarre (65 m gross column) formations. RFT pressure data indicate that these are separate accumulations. No DSTs were run, but RFT samples showed that the gas is predominantly methane with a relatively high CO2 content (12.5-13.3 mol%) and minor condensate. Gas-in-place is estimated by Luxton et al (1995) at 210 Bcf (5,946x106 m3). The well was plugged and abandoned as a sub-commercial gas discovery.

my take
it would seem that 3D is required to select well locations.with a 3 year $62 MIL program and a formal farn-in proposal now being negotiated .this may be the the first catalyst as the seychelles has 3 contenders/multi JV ?.

WG