Tamaska’s Napoleon prospect looks poised to conquer
Evaluation of the Napoleon prospect in the Carnarvon Basin is ongoing with, Tamaska noting that the results of the latest work are very promising.
Here’s why. The DUG 3D seismic reprocessing has led to greatly improved top structure imaging and revealed evidence of hydrocarbon charge in the form of pock marks and gas clouds.
Likewise, the amplitudes revealed in the reprocessing appear to indicate good reservoir quality.
In plain English, this means the work to date not only shows that the target structure has either oil and/or gas present, it also appears to host significant quantities of the hydrocarbons.
Little wonder than that Tamaska Oil and Gas (ASX: TMK), which has a 20 per cent stake in the broader Talisman project, believes the joint venture is narrowing in on the scale of the Napoleon prospect basin.
“I am very happy with how the work on Napoleon is tracking, we are now much closer to confirming the size and quality of this exciting prospect,” Tamaska technical advisor Dariusz Jablonski said.
Tamaska took the stake in the Talisman project located in the highly prospective North West Shelf coast off Western Australia in February from operator and majority owner Skye Napoleon Pty Ltd.
Napoleon is located at a depth of between 4,100m and 4,200m in relatively shallow water depths of about 80m to 90m.
This means that drilling can be carried out using a jack-up rig rather than a more expensive semi-submersible rig and preliminary well costs on a dry hole basis (that is without including the cost of completion as a producing well) has been estimated at $45m.
It has a proven productive reservoir and a proven reservoir seal, the latter of which increases the chances that any hydrocarbons present remain trapped in the target reservoir.
Adding interest, findings from early seismic mapping and geotechnical studies have found Napoleon has similar characteristics to the producing Wanaea field and the exciting Dorado oil discovery made by Carnarvon Petroleum (ASX:CVN) and Santos (ASX:STO) in 2018.
Independent work to estimate a prospective resource and probability of success for Dorado are ongoing and due to be completed by July.
Tamaska will present findings from their evaluations at Napoleon at the PESA Deal Day in Perth on Monday, 14 June.
This article was developed in collaboration with Tamaska Oil and Gas, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.