Emperor Energy Ltd, previously Oil Basins Ltd, is seeking a farm in partner for the retention lease R3/R1, located in the Carnarvon Basin. Emperor is looking farm out a proportion of its 100% interest, or divest its full share, to suitable parties.Â  The quantity of available equity and terms of the farm in will be established during negotiation. Emperor reports that the asset no longer fits its core strategy.  R3/R1, which covers an area of 80 sq km, contains the conventional Cyrano discovery, made in March 2003. In early 2012, new study objectives for the R3/R1 permit were to boost risked resources to between 2.5 MMb and 4.0 MMb in Cyrano, including confirming the evidence that the northern Nasutus Oil field, located in R5, does in fact extend into R3, by re-mapping the existing 3D seismic data. Work by TEN FAYE Pty Ltd in January 2016 confirmed the Cyrano central pool has P50 risked recoverable oil resources of 2 MMb in the Barrow Group reservoir and 1.4 MMb within the Mardie Formation. Several assumptions were made, including: natural depletion, 500 m horizontals and, using a 300 psi abandonment flowing pressure, recovery factors reported at ~21.5% and ~15.9% for the Barrow and Mardie formations respectively. Also assumed were no pumps, no water injection and no gas lift (for heavy oil production). It was stated that any development of the oil pool would consider using one or all three of the development concepts (pumps, water injection or gas lift). Cyrano is located in just 17 m of water and productive reservoirs are found at 600 m below the seabed.  Emperor Energy holds 100% interest, after initially acquiring 25% interest in the permit from Tap (Shelfal) Pty Ltd in 2008. In October 2010, Emperor acquired the final 75% interest from Tap, prior to the renewal of the permit in October 2011. The permit was further renewed on 2 March 2017 for a period of five years and will now expire, or be eligible for renewal, on 1 March 2022. New work commitments were assigned to the renewed period, with five years of engineering studies, totaling AUD 575,000, followed by an engineering review at the end of the fifth year. Emperor reported in September 2017 that completed work in preparation for a divestment includes: geological and geophysical studies, reserves and resources studies, petroleum engineering facilities studies and a reservoir engineering assessment of the Cyrano Oil Pool.    Emperor Energy Ltd, renamed in November 2017 from Oil Basins Ltd, holds 100% interest and operatorship in R3/R1 and is seeking a farm-in partner or divesting its full share.
Emperor Energy Ltd, previously Oil Basins Ltd, is seeking a farm in partner for the retention lease R3/R1, located in the Carnarvon Basin. Emperor is looking farm out a proportion of its 100% interest, or divest its full share, to suitable parties.  The quantity of available equity and terms of the farm in will be established during negotiation. Emperor reports that the asset no longer fits its core strategy. R3/R1, which covers an area of 80 sq km, contains the conventional Cyrano discovery