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President Petroleum has, through its Australian subsidiary, a 100% interest in 5 licences in South Australia. 4 of these licences lie in the Arrowie Basin in the eastern part of the State, while the Otway Basin licence is right in the south-eastern corner of the State.
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The onshore PEL 82 Licence in the Otway Basin is well positioned to benefit from hydrocarbon migration from offshore hydrocarbon prone formations. The licence contains a number of attractive potential hydrocarbon-bearing structures at drillable depths of around 2,500 metres. Whilst highly prospective in nature, reports available to the Company indicate the possibility of sizeable resources in these structures with a total prospective resource of 430 million barrels of oilor 630 bcf of gas.
PEL 82 Prospectivity Summary (5M pdf download)
The Company has completed a comprehensive 3d seismic programme over some 88 square kilometres of PEL 82 during Q1 of 2009 in order to better quantify this potential and identify possible drilling locations.
Processing and interpretation of the seismic data was completed in mid 2009 with the company using two geoscientist consultancies to provide independent views. The conclusions of both parties were similar and consistent.
Extracts from the 3D seismic can be downloaded here .
The PEL 82 licences have been renewed for a further 5 year period (with a compulsory relinquishment of 50% of the area) and the Company is now seeking an appropriate, high quality partner to plan and fund a drilling programme. The Otway Basin area is of increasing interest to the exploration sector and the profile of the area was further raised late in 2008 when some new licences were auctioned by the State.
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The Company has 4 licences in the Arrowie Basin, all at very early stages in the exploration process. On PEL 132 the company has obtained native title and has reprocessed some old 2D seismic data which highlighted potential on the licence, the Delores prospect. The Company is now reviewing the next stages for this licence. |
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