Cooper Basin Drilling & Exploration Update. July 2012

Transcription

1 Cooper Basin Drilling & Exploration Update July 2012

2 Cooper Basin Portfolio Map Eight permits covering 2,583 km 2. Operator for six of these permits. Excellent address/proven hydrocarbon province. 1. Western Corridor 2. Patchawarra Trough 3. GMI Ridge 2

3 Cooper Basin Portfolio Multiple Play Types 1. GMI Ridge: 5 permits - PRL 14, 17 & 18, PEL 103 & PEL 103A. Large oil discoveries (Flax & Juniper) with significant upside (potentially >100 mmbbls OOIP). Large gas exploration prospects potentially >180 Bcf OGIP. Secondary target Birkhead channel sands. 2. Western Flank: 2 permits - PEL 182 & PEL 100. Numerous existing oil and gas discoveries within the permits with no 3D seismic previously acquired. 3. Northern Patchawarra Trough: 3 permits - PEL 101, PEL 182 & PEL 100. Conventional and unconventional play types. Basin centred wet gas opportunity. 3

4 2012 Drilling Program - Areas of Activity Unique 100% owner/operator of large oil and gas discoveries/prospects. 3D seismic has provided optimum locations for the 2012 drilling program of between 3 and 6 new wells: Flax South (PRL 18 appraisal); Flax field (PRL 14 development); Juniper field (PRL 17 & 18 appraisal); Reprocessed seismic has improved confidence in: Tallow/Cypress (PEL 103 exploration); Yarrow field (PRL 17 development); Banyan exploration well (PEL 103 exploration). Oil prospects potential resource additions >100 mmbbls. Gas prospects potential resource additions >180 Bcf. Multiple secondary target opportunities: Birkhead, Poolowanna channel sands in all wells Upper and Mid Patchawarra at Tallow Flax/Juniper 3D Seismic Unrisked mean in place resource numbers from RISC Independent Technical Specialist s Report Jan

5 Flax - Juniper 3D Seismic Juniper structure has up dip potential of ~30 metres, extending several kilometres on trend PRL 17 Gross P50 OOIP mmbbls Flax 15 PRL 14 PRL 18 Juniper 27 Total 42 Flax South 3D seismic indicates structural closure between known accumulations Prospective Resource 130 Total 172 Resource numbers from RISC Independent Technical Specialist s Report Jan 2011 and Feb

6 Flax Field 3D Seismic The historical Flax field well locations were chosen based on an EOR development plan rather than seismic based locations. With the benefit of 3D seismic, multiple top of Flax structure well locations have been identified for potential future development drilling. Flax 1 Birkhead channel sands are a secondary target for several new Flax development well locations. Flax 2 Flax 3 Flax 5 Multiple new top of structure well locations 6

7 Additional Reservoirs Enhanced Reserves New productive reservoir tested with encouraging oil/gas ratios. The same and similar reservoirs appear in other wells. Multi well work over program commencing Q will enable productivity testing without the need for new wells. Enhanced production immediately tied in to existing facilities. New reservoirs are in addition to the existing resource estimates. New Reservoirs Yet to be Tested New Productive Reservoir Flax 1 Current Productive Reservoirs 15 mmbbls P50 OOIP and 34 Bcf P50 OGIP Resource numbers from RISC Independent Technical Specialist s Report Jan 2011 and Feb

8 Flax South Prospect 3D Seismic The Flax South structure is located on the oil/gas migration pathway between the Flax and Juniper structures. On 3D seismic the Flax South structure is mapped up dip of known oil in the Flax field and indicates ~15 metres of closure over an area of ~550 acres. This places the Flax South structure to be ~65% the size of the Flax field structure. 3D seismic shows increased Patchawarra / Tirrawarra thickness compared with Flax field. The Flax South structure is nearby the Flax field thereby enabling wells to be tied back to existing production facilities. The Flax South structure looks to have closure at multiple formations through the Eromanga Basin interval. Flax 1 Flax 5 Flax 2 Possible future well locations Proposed Flax South 1 8

9 Juniper Field Appraisal The top of the Juniper structure looks to be approximately 3 6 km s North of Juniper 1 and has ~30 metres of up dip potential. The Juniper structure on 3D looks to have increased extension to the South. Evidence of Mid/Upper Patchawarra channel sands and Toolachee sands are a secondary drilling target. A further 130 mmbbls OOIP resource potential exists should the Flax and Juniper structures be connected. Juniper 1 - Flare Resource numbers from RISC Independent Technical Specialist s Report Jan

10 Tallow Gas Prospect Significant Potential Upper sandstone correlates to the gas bearing sand in the Packsaddle 1 discovery. Potentially 100 Bcf OGIP in this sand with further significant upside in stratigraphically trapped Patchawarra fluvial sand bodies. Similar trapping structure to the Yarrow gas field. Tallow 1 - Proposed Upper Sandstone Seismic attributes indicate reservoir ~330 metres Lower Sandstone Tirrawarra Sandstone Basement 10

11 Yarrow Gas and Condensate Field The Yarrow 1 well test recovered condensate at a rate of ~15 bbls per million scf of gas. Yarrow s condensate resource has yet to be quantified. Yarrow is in close proximity to the Flax field development and can be tied back to the existing Flax field infrastructure. Development drilling of the Yarrow field may be undertaken to underpin the company s proposed small scale LNG. RISC estimates the Yarrow field to contain a P50 OGIP of ~27 Bcf. The full extent of the Yarrow field has yet to be confirmed. 11

12 PEL 182 & PEL 100 Large Western Flank Position 12

13 PEL 182 & PEL 100 Multiple Play Types PEL km 2 permit (Acer Energy % interest, Operator Senex). An approved 250 km2 3D seismic program is scheduled to commence September Proven oil and gas province (adjacent to producing Keleary & Telopea fields and discoveries at Cleansweep and Tarragon). PEL 182 Large 1,750 km 2 permit (Acer Energy % interest, Operator Senex). Wet weather has resulted in 3D seismic and drilling activities being deferred. Multiple play types including Western flank oil, Patchawarra Trough wet gas, Basin Centred Gas potential on the Eastern flank of the permit. 13

14 PEL 101 Northern Patchawarra Trough 14

15 PEL 101 Northern Patchawarra Trough Permit area ~154 km 2 (38,000 acres). Gas discoveries at Ginko & Crocus with several follow-up opportunities mapped. Adjacent gas discovery in Vanessa (PEL 182). Permian section is largely gas saturated. Additional potential in unconventional reservoirs. 3 cased and suspended wells (>$12M in capital). 15

16 PEL 101 Patchawarra Trough Basin Centred Gas PEL 101 PEL 101 PEL 101 Verona Field Lamdina Ginko Crocus South 1 Beanbush Streeton 1 PEL 101 is located within the deep Northern Patchawarra Trough kitchen. Reservoir pressures in the Patchawarra are greater than hydrostatic pressures at depth. No down dip water contact has yet been intersected. Strong candidate for basin centered gas. Jurassic Triassic sealing unit Extensive Permian deep basin reservoirs with high mud log gas Patchawarra Trough flank Overpressured Patchawarra Formation 16 Candra Ridge

17 PEL 101 Patchawarra Trough (Unconventional) Play Formation Estimated Gas in Place (TCF) Tight Gas Sands Toolachee 0.59 Epsilon 0.81 Patchawarra 3.77 Tirrawarra 1.25 Total 6.42 Shale Gas Murteree Shale 1.35 Wimma 1 ~522 m Deep Coal Gas Toolachee 1.47 Epsilon 0.95 Patchawarra 2.45 Total 4.87 Total Gas in Place Resource numbers from Independent Technical Specialist s Report Mar

18 Drilling and Field Development Activity Drill 3 6 wells (current target 1 st well spud date is mid September 2012). Commence exploration of Western flank blocks starting with the acquisition of 250 km 2 3D seismic (scheduled to commence September 2012). Commence Flax field recompletions: 1. Undertake modern fracture stimulation across the Tirrawarra / Basal Patchawarra sands in Flax 2 (target commencement date is early September 2012). 2. Test the productive capability of the upper Patchawarra reservoirs identified in Flax Recomplete Flax 1 across the full 9 metres of the newly proven mid Patchawarra pay interval and undertake a new modern fracture stimulation. 4. Install Artificial Lift on Flax 5 and test the improved well production capability. 18

19 Important Notice and Disclaimer Important Information This presentation contains forward-looking statements that are subject to risk factors associated with the oil and gas industry. It is believed that the expectations reflected in these statements are reasonable, but they may be affected by a range of variables outside the control of Acer Energy Limited and its Directors which could cause actual results or trends to differ materially, including but not limited to: price and currency fluctuations, geotechnical factors, drilling and production results, development progress, operating results, reserve estimates, legislative, fiscal and regulatory developments, economic and financial markets conditions in various countries, approvals and cost estimates. Therefore, undue reliance should not be placed on forward-looking statements. All references to dollars, cents or $ in this document are to Australian currency, unless otherwise stated. This presentation is not an offer or recommendation in relation to securities in Acer Energy Limited. It includes only a summary of select information and does not, and does not purport to, contain all information relevant to those securities. No representation or warranty is made as to the accuracy, completeness or reliability of the information. Except to the extent required by law, Acer Energy Limited disclaims any obligation to correct, update or revise this presentation or oral communications associated with this presentation. Reserves & Resources The resource estimates used in this statement were compiled by RISC Pty Ltd (ABN ) as part of an Independent Expert s Report for the placement of shares in March 2011 and for an in-house company assessment undertaken in February Specifically the resource information was compiled for RISC by Peter Stephenson (partner and director of RISC and member of the Institute of Chemical Engineers) and Joe Salomon (RISC s Geoscience Manager) who are qualified in accordance with ASX listing rule 5.11 and has consented to the form and context in which this statement appears. 19

20 Contact Head Office Level 14, 133 Mary Street Brisbane QLD 4001 PO Box City East QLD 4002 Telephone mail@acerenergy.com.au Website ASX Code: ACN