Kufec (Perth) Pty Ltd, a wholly owned subsidiary of Kuwait Petroleum Corp, has been awarded two exploration permits in the North Carnarvon Basin after submitting competitive applications during the 2018 Offshore Federal Acreage Release. WA-538-P and WA-539-P, covering a combined area of 6,479 sq km in the North Carnarvon Basin, were awarded on 12 April 2019.  The permit areas were offer as Acreage Release bid blocks W18-11 and W18-12, which were opened for work programme bids on 15 May 2108 at the APPEA Conference held in Adelaide. A total of 21 new areas, as well as 11 re-released areas, were opened in the round, covering a combined area of 148,254 sq km.  W18-11 and W18-12 closed in the first tranche of bidding on 18 October 2018 and covered areas of 3,764 and 2,715 sq km respectively. W18-11, now WA-538-P, contains two wells â both dry holes. W18-12, now WA-539-P, contains four wells, three of which were dry and one â Zeewulf 1 in the east of the block â encountering gas shows.Â  Adjacent bid block W18-10 was opened as a cash-bid block and was awarded as WA-537-P to Chevron Australia on 22 February 2019.  The areas lay to the south of the Equus Project gas fields and are surrounded by a number of additional gas discoveries. Near total coverage by modern 3D seismic data is available through the Aragon, Eendracht and Mary Rose surveys, acquired between 2009 and 2012. Five dry exploration wells and one encountering gas shows are located within the areas, with the last well, Homevale 1 drilled in 2013 by BHP Billiton.  WA-538-P and WA-539-P have been awarded for periods of six years and will both expire on, or will be eligible for renewal by, 11 April 2015. Over the first three years of the guaranteed work programme in WA-538-P, Kufpec is committed to licencing and reprocessing a combined area of over 3,700 sq km of 3D seismic data from the Aragon, Mary Rose and Eendracht surveys before conducting mapping and prospect evaluations.  The work programme for WA-539-P is similar with requirements to licence and reprocess Eendracht and Viper 3D seismic data before completing AVO inveriosn and lithology prediction.   The first optional exploration wells in both permits are scheduled for the fifth term in 2023/24, which are forecasted to cost around AUD 68 million each. Both well commitments only become guaranteed once Kufpec enters the start of the fifth terms, on 12 April 2023.  Kufpec has been awarded 100% interest in two exploration licences, located in the North Carnarvon Basin through its subsidiary company Kufpec (Perth) Pty Ltd.
Australia, WA-537-P