Black Swan Resources Pty Ltd is potentially looking to farm-down its equity in exploration permit WA-503-P, located in the Barrow Sub-basin, North Carnarvon Basin. Black Swan currently holds 20% interest, but the offer could be extended to 40 to 50% if it secures operatorship and the remaining 80% interest from Pilot Energy.    On 27 July 2018 Pilot announced that it would be exiting the permit, assigning all interest over to Black Swan Resources. On 19 December 2018 Black Swan terminated the agreement upon notification that the National Offshore Petroleum Titles Administrator (NOPTA) did not approve the transaction. If the deal completed, Black Swan was required a farm-out of around 40-50% interest to fund committed 3D seismic acquisition (part of the Davros multi-client survey). As it stands, Pilot is required to free-carry Black Swanâs 20% interest through the initial work programme which provides additional security to ensure funding is available to cover the existing programme. Pilot has reported that it will look to farm-down in the case of retaining its interest as it seeks to develop a low-cost portfolio. Black Swan remains committed to increasing its position in the permit which could see negotiations between Pilot, NOTPA and seismic contractor CGG.  Black Swan reports that the opportunity offers a low-cost entry to complete the third-year work programme which involves the licensing of the CGG Davros 3D seismic data at a cost of AUD 1 million for 350 sq km. In return for the purchase of the seismic data, plus a cash component, Black Swan is offering interest in the permit in the case it is successful in increasing its holding.     Gaining access to a seismic vessel within Australian waters during 2016/17 had been difficult due to demand and costs, thus several work commitment extensions have been granted, the most recent in June 2019. The acquisition of new 3D seismic acquisition covering 80 sq km is now required by 12 September 2020, as well as post-seismic interpretation and analysis. Pilot had contracted a seismic company to complete the work but cost efficiencies required a multi-client approach. The first well is then required between September 2022 and September 2023 but remains contingent at this stage and subject to structure mapping and the identification of suitable prospects. By this time, Black Swan may look to further farm-down its interest further, if available, to attract a drill partner.    Itâs thought that the two wells present within WA-503-P: Janus-1 and Orion-1, were drilled off structure on 2D seismic data. Black Swan has identified three, up-dip, prospects which have been assigned prospective resources. The Lower Cretaceous to Upper Jurassic sandstone reservoirs are located along the eastern flank of the Lewis Trough, within the oil rich Legendre Trend. The Updip Janus lead has been assessed to contain a best estimate of 14.3 MMbo within the Legendre and Eliassen formations. The Updip Orion lead has been assessed to contain a best estimate of 49 MMbo within the Legendre, Eliassen and M Australis formations. The Bojangles prospect has been assessed to contain a best estimate of 8.6 MMbo within the Angel and M Australis formations.    WA-503-P covers an area of 80.75 sq km and was awarded on 13 May 2014 after being offered as block W13-11 in the 2013 Federal Offshore Acreage Release. Black Swan Resources Pty Ltd is offering a farm-in opportunity in return for funding the upcoming exploration work programme.    Parties interested in pursuing this opportunity should contact:    Conrad Todd, Director Black Swan Resources  Phone: +61 (0) 425 771 960    Email: ctodd@blackswanresources.com.au
Black Swan Resources Pty Ltd is potentially looking to farm-down its equity in exploration permit WA-503-P, located in the Barrow Sub-basin, North Carnarvon Basin. Black Swan currently holds 20% interest, but the offer could be extended to 40 to 50% if it secures operatorship and the remaining 80% interest from Pilot Energy. 