WA-507-P divestment opportunity
15 October 2017
Pilot Energy & Black Swan, (the WA 507 P Joint Venture) are offering for sale a 100% interest in WA 507 P, located in the outer Exmouth Plateau near the Thebe, Scarborough and Jupiter gas fields. The permit is surrounded by the newly awarded WA 530 P and WA 529 P permits (Chevron / Woodside)
The Permit contains 3 very large prospects identified on 3D seismic with both gas and oil prospectivity within the Triassic Mungaroo sands with 3 billion barrels or 14 Tcfg best case prospective resources.
On-block prospective resources have been independently verified by Gaffney Cline and Associates to be 1.6 billion barrels or 10 Tcfcg best case.
Black Swan will be managing the dataroom and sales process on behalf of the JV.
BLACK SWAN CONFIRMS SIGNIFICANT OIL POTENTIAL IN PERMIT WA-507-P
20 October 2015
Independent expert confirms potential for multi-million barrel oil discoveries
Three leads each have a High Case potential for finding over 900 MMbbls, with the largest lead potentially holding 1.7 Billion barrels
Increasing industry interest in the Exmouth Plateau oil play
Black Swan is pleased to announce that an independent audit of prospective oil resources for its WA-507-P exploration permit is complete, and confirms the potential for multimillion barrel oil discoveries. This is further to the Company’s announcement of multi-Tcf gas potential in 25 February 2015,
Gaffney, Cline & Associates (GCA) has estimated prospective oil resources cases for the three exploration leads previously assessed for the gas case. GCA determine that the leads are more likely to be gas bearing, with a 30% probability of oil versus a 70% probability of gas (subject to the quoted Geological Chance of Success, or “GCoS”), consistent with the established nature of the gas play versus the emerging oil play.
GCA estimate the gross prospective oil resources (100%) to be as follows, of which Black Swan’s interest is 20%.
WA-507-P Oil Resource ASX
BLACK SWAN ACQUIRES SHARE OF PERMIT WA-503-P, DAMPIER SUB-BASIN, NW SHELF
26 June 2015
Black Swan Resources has secured rights to a 20% interest in oil exploration block WA-503-P through an agreement with Neon Energy and partner Rampart Energy (80% and Operator). Formal transfer of the permit to Black Swan and Rampart has now been concluded
Black Swan will be carried by Rampart through the primary term of the permit.
The block is located within the Dampier Sub-basin, inboard of the giant Northwest Shelf complex offshore Western Australia. Its shallow water depth allows for drilling by lower cost jack-up drilling rigs.
The block is on trend with numerous oil and gas discoveries. Exploration leads with resources ranging from 5 million to 15 million barrels each have already been identified on existing 3D seismic data over the block.
The decommissioned Legendre field is situated some 20 kilometres to the northeast of the block, and produced over 40 million barrels of oil from excellent quality sandstone reservoirs. The most recent discovery in the area, Hurricane, is believed to contain over 100 million barrels of oil in place (plus associated gas and condensate) within a structural/stratigraphic combination trap. This is one of the play types being targeted by the JV.
WA-503-P carries a three-year primary term that includes a commitment to acquire 80 square kilometres of new “Broadband” 3D seismic data and complete various geological and geophysical studies.
The seismic commitment is incorporated into the first year of the permit, expiring in May 2015, and Rampart Energy will approach the National Offshore Petroleum Titles Administrator to determine the best way to implement an appropriate work program over the block.
The primary exploration focus in WA-503-P will be the Lower Cretaceous to Upper Jurassic sandstone reservoirs within the oil rich Legendre Trend, situated along the eastern flank of the Lewis Trough.
Link to ASX announcement: WA503P Rampart ASX 30 Mar 2015
MULTI-TCF GAS POTENTIAL CONFIRMED IN WA-507-P
25 February 2015
Black Swan Resources Pty Ltd and permit WA-507-P operator Rampart Energy Ltd (ASX: RTD) are pleased to announce that an independent estimate of prospective resources has confirmed the potential for multi-Tcf gas discoveries within the block. Gaffney Cline & Associates (GCA) report on three exploration leads delineated by the Company thus far determines total WA-507-P permit gross prospective gas resources (Best Estimate on-block) of 10.047 TCF of gas (unrisked).
Link to ASX announcement: WA507P Rampart ASX 25 Feb 2015
BLACK SWAN AWARDED EXPLORATION PERMIT WA-507-P, EXMOUTH PLATEAU
17 November 2014
Australia’s National Offshore Petroleum Titles Administrator (NOPTA), has approved the award to Black Swan Resources Pty Ltd (“Black Swan”) of the 1622km2 permit WA-507-P, which was offered as block W13-7 through the 2013 Offshore Petroleum Exploration Acreage Release. The permit is located on the Exmouth Plateau in the prolific Northern Carnarvon Basin of the Northwest Shelf of Australia and lies in water depths of 1000 – 1500m, some 300 km offshore Western Australia.
The area is covered by an existing, high quality 3D seismic dataset, which reveals the presence of a number of large structures, ranging from 60 km2 to 280 km2 in area. These structures are defined on 3D seismic data licenced to Black Swan, resulting in significantly lower risk on structural integrity. The structures have potential to contain significant quantities of gas and condensate in the Triassic Mungaroo reservoir. Similar Mungaroo structural traps contain much of the gas condensate discovered to date on the Northwest Shelf.
The block is located in the outboard part of the Mungaroo delta system, where the reservoir is likely to be thick and the interbedded shales are likely to have been deposited in a more marine environment, giving potential for higher liquid content in the gas and, or, for oil to be trapped in the structures.
Black Swan’s 20% interest in the permit will be fully carried for the first three years of the licence term by its joint venture partner, Pilot Energy (formerly Rampart Energy), who will be operator of the permit
The WA-507-P permit carries a firm commitment to conduct three years of geological and geophysical studies and make a license payment for the existing 3D seismic data (at a cost of US$1.3 million, (paid by Rampart). A discretionary well is required to be drilled by Year 6.