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Pilot Energy is potentially sitting on enough gas to support over a decade of ammonia production
Energy
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An extensive review of technical data indicates Pilot Energy’s offshore WA-481-P has all the hallmarks of major onshore Perth Basin discoveries like Waitsia, Erregulla and Lockyer Deep with a material gas fairway identified as a potential extension.
Pilot Energy (ASX:PGY) revealed today that its WA-481-P permit in Western Australia’s Mid West is potentially a mirror of, and analogous to, the prolific onshore Perth Basin gas discoveries.
Pilot’s internal technical review has identified an extension of the onshore Perth Basin Kingia and High Cliff Sandstone gas play fairway into WA-481-P, including the identification of several large structures.
WA-481-P is one of the largest offshore exploration permits in Australia covering approximately 350km of the Mid West coast of Western Australian with a prospective resource of 450 billion cubic feet (Bcf) of gas at the Leander Complex, located 15km west of Pilot’s Cliff Head oil platform and three oil prospects south of Cliff Head.
Importantly, this prospective resource could provide Pilot with sufficient gas to self-supply over 10 years of blue ammonia production at the Mid West Clean Energy Project.
The offshore petroleum system shares many attributes with the Dandaragan Trough, a major gas producing area of the Perth Basin.
The onshore Perth Basin is a fertile gas producing region having yielded major headlining discoveries including Mineral Resources’ (ASX:MIN) and Norwest Energy’s (ASX:NWE) Lockyer Deep, Strike Energy’s (ASX:STX) and Warrego Energy’s (ASX:WGO) West Erregulla and Waitsia – Australia’s largest onshore conventional gas field.
The more recent discovery of the Kingia gas play in the onshore Perth Basin and reinterpretation of the WA-481-P technical data set has identified the significant Leander Complex gas resource, and at least two additional similar size gas prospects – Harrier and Hawk – in the Kinga and High Cliff sandstones.
Pilot holds a 100% operated interest in the 8,605sq.km WA-481-P permit located in shallow waters offshore Western Australia, encompassing the Dunsborough oil fields, and Frankland gas field.
Internally assessed prospective resources include the Leander Complex gas resource of 450Bcf and the Babbler, Brahminy and Cliff Head SW oil resources of 41 million barrels.
These are in addition to the discovered Dunsborough contingent oil resource (2C) of 6 million barrels, and Frankland contingent gas resource (2C) of 42Bcf gas also within WA-481-P.
Pilot says future production from WA-481-P could leverage the proposed Cliff Head carbon capture and storage operations infrastructure to lower the economic volumes required to support incremental oil and gas developments.
Pilot says planning for the 3D seismic survey is well progressed, with the environmental permit application to be submitted to NOPSEMA by the third quarter this year.
The company has advanced its farm-out process to bring in a partner for the planned seismic and future drilling campaigns.
This article was developed in collaboration with Pilot Energy, 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.
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