Black Swan Resources Pty Ltd is looking to farm-down its 100% equity in exploration permit WA-503-P, located in the Barrow Sub-basin, North Carnarvon Basin. Black Swan reports that the opportunity offers a low-cost entry to complete the third-year work programme which involves the licensing of speculative 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 40 to 50% interest in the permit. One contingent exploration well is scheduled in the final permit term - by May 2022. By this time, Black Swan may look to further farm-down its interest to attract a drill partner.  In July 2018, previous operator Pilot Energy was also looking to farm-down its interest before exiting the permit by transferring all interest to joint venture partner Black Swan.  The licensing of 80 sq km of new Broadband 3D seismic data is required by 12 May 2019. The acquisition of data was initially required by May 2015, however the joint venture applied to alter the work programme to combine the first three yearsâ work programme into one period. This was allowed after alterations to the offshore permit guidelines were made in May 2015, offering operators the option to change to the more streamlined work programme process. A number of work programme variations were granted, pushing back the required work programme.  Gaining access to a seismic vessel within Australian waters during 2016/17 had been difficult due to demand and costs. Pilot contracted a seismic company to complete the work but cost efficiencies required a multi-client approach.   Itâs thought that the two wells present within WA-503-P: Janus-1 and Orion-1, where 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  Email: ctodd@blackswanresources.com.au  Phone: +61 (0) 425 771 960
Australia Black Swan Resources Pty Ltd looking for a partner in WA-503-P, North Carnarvon Basin