Joint venture partners Murphy Oil Corp and Santos Ltd will be looking to farm out equity in Bight Basin exploration permit: EPP 43, from Q3 2018.Â  The companies reported that once detailed prospect mapping is complete, it will look to farm down the permit.  Murphy operates the permit and holds a 50:50 equity share with Santos. EPP 43 covers an area of 16,600 sq km in the western flank of the Ceduna Sub-basin. The permit was awarded on 22 October 2013 and, after two validity extensions in October 2015 and December 2017, is scheduled to expire on, or be eligible for renewal by, 21 October 2022.   The 2015 suspension and extension combined the first three years of work requirements into one term (1-3).Â  After the second extension in December 2017, these are now required to be completed by 21 October 2019.Â  Murphy planned for a 2,000 sq km 3D seismic survey within the first term followed by 4,600 km 2D seismic survey in the third term. In April 2015 the acquisition of 7,367 sq km of 3D seismic data was completed within the permit during the PGS Springboard MC3D survey. A total 8,012 sq km of data was acquired across EPP 43 and BP operated permits EPP 37 and EPP 38.  After the initial three-year work programme in EPP 43, permit terms four, five and six will follow with the work requirements to be completed on a year-by-year basis. Once a permit term has commenced, the work specified must be completed. One exploration well has been scheduled to be drilled in term five at a forecasted cost of AUD 50 million. The commitment to drill the well must be made prior to the commencement of that term which currently starts on 22 October 2020.  The joint venture will seek farm-in partners to assist with the forthcoming exploration programme. The permit bathymetry varies from around 200 m in the north to nearly 3,000 m depth in the south. Murphy has both deep water and frontier exploration experience and is comfortable with retaining operatorship. As prospects emerge from the detailed mapping of the 3D Springboard survey data in the end 2017, farm-down activities will commence. Targets will be oil-focused as a function of the less extreme basin subsidence of the permit area compared to the more central Bight Basin blocks.   Gnarlyknots 1/1A is the closest deepwater well to EPP 43. The well lies 150 km to the east and was drilled in 2003 by Woodside Energy with the 1A well reaching a total depth of 4,736 m. The well was dry and currently lies within the Chevron operated EPP 44 permit. Chevron announced on 12 October 2017 plans to withdraw from any further Bight Basin exploration.  BP Australia had held interest in the basin, with two solely owned permits as of 2017.Â  However in December 2016 BP reported its plan to withdraw its exploration programme in the Bight Basin stating that the programme no longer suits its global strategic plan due to high costs and core asset selection. BP had a ten well drilling campaign scheduled between 2016 and 2020, starting with the deep Stromlo gas prospect which lies within approximately 2,200 m water depth, 300 km southeast of Ceduna. BP claimed that the geology is synonymous to the river delta systems in Nigeria and the Gulf of Mexico, with targets around 2,000 m beneath seabed in Cretaceous units. The Stromlo Prospect now lies in Equinor held permits, with the operator looking at plans for drilling.  Murphy holds 50% interest and operatorship in EPP 43 through subsidiary company Murphy Australia Oil Pty Ltd. Joint venture partner Santos holds the remaining 50% interest through its subsidiary company Santos Offshore Pty Ltd. The joint venture will be seeking to farm-down equity in EPP 43 from early 2018.  Companies interested in pursuing this opportunity should contact:    Paul Carroll, Exploration Manager â Murphy Oil Corp    Phone: +61 8 6313 5200    Email: paul_carroll@murphyoilcorp.com
Murphy Australia Oil Pty Ltd, Santos Ltd set to open a farm-in opportunity in the Bight Basin