Pancontinental Oil & Gas NL was offering a farm-in opportunity for interested parties to enter exploration permit EP 447, located in the Perth Basin. However, on 14 June 2018, Pancontinental reported that its own 2016 farm-in deal with operator Strike Energy had been cancelled. Pancontinental, through its subsidiary company Bombora Natural Energy Ltd, had agreed to acquire 70% interest in the permit in return for funding the planned Walyering 3D seismic survey. However, the survey was not completed by the time allocated under the farm-in agreement, and Strike terminated the agreement.    The permit contains the Walyering gas field, which was discovered in 1971 and produced a total of 261 MMcf of gas from the Lower Jurassic Cattamarra Coal Measures over a four-month period before the reservoir was considered depleted and production ceased.   After the Pancontinental farm-in agreement was cancelled, Strike Energyâs subsidiary company UIL Energy now continues to hold 100% interest. The agreement was for an area over the Walyering asset, with Bombora negotiating 70% interest and operatorship. The companies had extended the farm-in agreement negotiations to end 2018. Evaluation of Walyering was ongoing as part of the agreement, with the planned 3D seismic survey scheduled for 1H 2019 to provide better definition at the gas reservoir levels. Pancontinental, as part of the farm-in agreement, was planning to conduct the Walyering 3D seismic survey in late 2018 which was then pushed back to 2019.Â  Pancontinental was to fund the survey, up to a capped amount of AUD 2.5 million, to earn the 70% interest in the Walyering, southern section, of the EP 447 permit.Â  The survey was being scheduled to be undertaken in conjunction with other seismic plans in the Perth Basin.  Conventional sandstone reservoirs of Jurassic age, similar to the Gingin West and Red Gully gas and condensate trend, have been identified in the permit area over a structure area of approximately 10 sq km. Itâs considered that original drilling failed to target the highs due to poorly positioned 2D seismic data and that thereâs a 57% chance of success in the Central High.   In May 2018 Pancontinental released upgraded gas and condensate volumes for the Walyering field to gross figures of 100 Bcf gas and 2.5 MMb condensate. In the case that new 3D seismic data supports the current mapping and size of the undrilled compartments, Pancontinental reports that it will consider an appraisal / development well in 2019.  Pancontinental, through its subsidiary company Bombora Natural Energy, was offering a farm-in opportunity for the Walyering field area of EP 447. The offer was reliant on Pancontinental completing a farm-in deal with UIL to gain 70% interest. This deal was terminated on around 14 June 2019.   Parties interested in this opportunity were to contact -   John Begg, Pancontinental CEO  Phone: +61 8 636 7090  Email: john.begg@pancon.com.au
Pancontinental Oil & Gas NL was offering a farm-in opportunity for interested parties to enter exploration permit EP 447, located in the Perth Basin