Coastal Oil & Gas Pty Ltd is looking for a farm in partner in four exploration blocks TP/27, EP 475, EP 490 & EP 491, located in the Enderby Terrace and Peedamullah Shelf, North Carnarvon Basin. The company is looking to farm-down around 50% interest in return for assistance in drilling at least three exploration wells over the next three years which could target a Jurassic oil play and evolving play in the Permian and Triassic. The blocks have been collectively known as 'Cerberus' since being awarded in 2011-2014.   Coastal Oil & Gas acquired the acreage in September 2019 from Tanami Energy Pty Ltd. Tanami Energy, a subsidiary of Skye Energy Ventures, briefly held the permits after acquiring them from Carnarvon Petroleum in 2018. With an abundance of 2D and 3D seismic data coverage, Carnarvon delineated multiple prospects on structures which they reported could be capable of holding, on average, 100 MMb oil. The new operator is now seeking a farm-in partner as it looks to complete the remaining work programmes and prove up existing and new prospects.  EP 475, EP 490 and EP 491 cover areas of 651 sq km, 1,405 sq km and 1,441 sq km respectively, and TP/27 covers 335 sq km. Under the remaining work commitments, an ambitious seven exploration wells are required before the permits expire. EP 475 was awarded in 2011 and is due to expire on 27 May 2021. EP 490 & 491, and TP/27 were awarded in 2014 and are due to expire on 27 May 2023. For the latter permits, Carnarvon Petroleum had been granted several suspensions to provide additional time in the permits to find a farm-in partner. As of May 2018, the wells were contingent upon Carnarvon entering the fourth term of the permits prior to undertaking the drilling programmes. The fourth term commenced on 28 May 2020. Coastal Oil & Gas is aiming to farm-down and drill at least three wells.  In shallow water depths, of around 50 m, the primary target depth range is from around 1,000 to 2,000 m, comprising multiple play types, including a Jurassic play and an evolving play in the Permian and Triassic, which was proven following the Phoenix South 1 well. In EP 475, the Kes Prospect is estimated to contain recoverable resources of 50 MMb oil (Pmean) in only 12 m water depth.   EP 475 is in the vicinity of significant oil and gas shows and lies on-trend with undeveloped resources in Early Cretaceous sands. No oil or gas columns have been intersected from the three wells drilled within the permit boundaries, although Boyd 1, drilled in 2000 by Apache, recovered oil shows and observed reasonable reservoir characteristics in the Mardie Greensand and very good characteristics in the Mungaroo Formation. Recent leads identified from an extended 3D seismic survey include the Locker submarine canyon and fan traps, both have potential to trap hydrocarbons.   Carnarvon has previously stated that recent technical work and the success within the Roebuck Basin significantly de-risked the Lower Triassic and Permian plays within the neighbouring North Carnarvon Basin. The play comprises a stratigraphic trap with good quality turbidite reservoirs, sealed by the proven Locker Shale.  Two further prospects have bene identified in EP 490: Westy & Gallant, which have combined estimated recoverable resources of around 300 MMb oil (Pmean).  Six prospects have been identified within EP 491 totaling around 280 MMb oil (Pmean). Four have been previously identified as being ready for near-term drilling, including â Honeybadger, a Triassic channel play system, recoverable resources 144 MMbo (Pmean), and Belfon, a Permian play system, recoverable resources 40 MMbo (Pmean). The Rudder and Sparrow prospects offer smaller targets at around 22-36 MMb oil.  TP/27 lies just 12 km to the south of the Stag oil field which has produced in the region of 70 MMb oil since 1998 from an early Cretaceous sand. TP/27 is thought to extend this trend along the Enderby Terrace.  The permits cover a combined area of around 3,200 sq km, offering potential farm in partners a significant acreage within the North West Shelf. Multiple development options are possible due to the shallow depths of the permits and their proximity to existing infrastructure.  Â Parties interested in this opportunity are asked to contact:  Joseph Graham  Phone: +61 (0) 417 592 555
Coastal Oil & Gas Pty Ltd is looking for a farm in partner in four exploration blocks TP/27, EP 475, EP 490 & EP 491, located in the Enderby Terrace and Peedamullah Shelf, North Carnarvon Basin. The company is looking to farm-down around 50% interest in return for assistance in drilling at least three exploration wells over the next three years which could target a Jurassic oil play and evolving play in the Permian and Triassic.