Valhalla look alike & Farm out ready .. Wow

 On 15 June 2015, OBL as required under Condition 6 of the Grant of EP487 lodged a Heritage Impact Assessment Notice with all traditional Owners impacted by the 2D survey in strict accordance with the National Native Title Tribunal Determination dated 1 February 2013. Following two subsequent revisions, on 30 July 2015, the DMP approved the Environmental Plan (533 km 2D Seismic Survey) Revision 3. On 8 September 2015, the DMP approved the public notice summary of this EP.
 On 18 September 2015, the EP487 Joint Venture’s seismic operator, Terrex Seismic formally advised the Company that it would be unable to complete the 533km 2D seismic survey in the remaining available West Kimberley dry weather window in 2015.
 On 24 September 2015, the Company formally lodged a variation with the DMP to either extend Year 1 by a further year to 13 December 2016 to enable the new 533km 2D seismic survey to be undertaken in second calendar half year 2016 (EP487 Joint Venture can seek a force majeure due to seismic contractor advising that due to other work commitments that its now unable to supply seismic survey equipment until 3Q/4Q 2016); or alternatively vary the work program to reprocess existing vintage 2D seismic to seek drilling locations and if two are successfully delineated move into Year 2 and drill two wells by 13 December 2016. Should the variation be approved, the EP487 Joint Venture will have been deemed to have completed all Year 1 obligations and will move immediately into drilling a minimum of two wells in 2016 most likely targeting Wet Laurel Basin Centred Gas (BCG) at a recently prognosed “Valhalla look-alike” BCG prospect.

Figure 1
Company’s exposure to the new Laurel Wet BCG Play is significant with gross 18.7 Tcf USG P50 delineated in Derby Block down to 4,000m
Since settlement with REY on 31 May 2015 OBL as operator Derby Block:
 hasn’t wasted time and really has swung into top gear
 with environmental and traditional owner clearances and moving into 2016 drilling (if approved)
 the Derby Block now appears FARMOUT READY with a Valhalla lookalike and neatly coinciding with the possibly of significant BRU wet Laurel gas production testing results nearby to the east at Valhalla North-1 / Asgard-1 and to the south west at Yullero-3 and -4 .

Well done Oil Basins ...KEEP TICKING THE BOXES .

DYOR