Emperor Energy Ltd (previously named Oil Basins Ltd) is looking to divest some of its interest in exploration permit VIC/P47, located in the Gippsland Basin, by selling its wholly owned subsidiary Shelf Oil Pty Ltd. Shelf Oil holds a 50% non-operated interest, with Emperor holding the remaining 50% and operatorship. VIC/P47 contains the Moby and Judith gas discoveries as well as several prospects and leads. In its divestment Emperor is looking for a straight forward cash payment for all the shares in Shelf Oil Pty.Â  Emperor has reported that it has had expressions of interest from a number of interested parties.  In May 2019 Emperor Energy reported that it had appointed Ocean Reach Advisory to assist in finding a suitable farm-in partner.  In February 2018 the permit was renewed for five years and is now due to expire in February 2023.Â  A well has been assigned to the new work commitment programme, due to be drilled by February 2021. The renewal comes after several successful applications to alter the work programme and extend the validity of the permit.Â  This has resulted in drilling being delayed, with additional studies and exploration work undertaken.  On 10 August 2017 Oil Basins reported that the 3D reprocessing of the Northern Fields and Moby survey data had been completed resulting in significant increase in gas resources over the Judith Structure. 3D-GEO Pty Ltd was commissioned to complete the merging and reprocessing of data, leading to: Quantitative Inversion (QI) geophysics, re-interpretation of seismic events and target gas sands, two-way-time and depth modelling, facies modelling and, ultimately, a re-evaluation of recoverable and Gas-In-Place volumes.  The Moby and Judith gas fields were discovered in 2004 and 1989 respectively. It is estimated that Moby contains contingent resources of 5 Bcf (2C). The structure is thought to be more complex than first predicted and exhibits the potential for several discrete accumulations within the Gurnard Formation. The resource estimate for Judith was updated after a seismic inversion study in 2013 by Gaffney Cline & Associates. The contingent resources were estimated across 7 sand intervals within the Top Emperor Sandstone, totaling 101 Bcf (2C). However, the assessment was confined to only a portion of the Judith Fault Block around the Judith 1 discovery well. The 2017 resources update by 3D-GEO has increased the Judith Block unrisked resources estimate to 273 Bcf on a conservative mid-case (P50), with 420 Bcf Gas-In-Place. With additional resources for the North Block (updip from Judith) totals are increased to 1,170 Bcf recoverable and 1,800 Bcf in-place.    VIC/P47, which covers an area of 202 sq km in water depths ranging from 20 to 85 m, was awarded on 28 May 2001 and is scheduled to expire on or be renewed by 22 February 2023.    Initially VIC/P41 was also included in the farm-out offer. However the joint venture partners applied to relinquish the permit and this was subsequently approved on 3 January 2017. The companies were seeking a farm-in partner to extradite appropriate value from VIC/P41 for other investment opportunities in oil and gas exploration and development activities. However, the application to relinquish the permit comes after the joint venture decided that the forthcoming work programme is uneconomic. Shelf Oil had held a 17.5% non-operated interest in VIC/P41, which contains the Kipling and Benchley prospects.Â  Emperor reported that it would consider 100% offers for the interest in VIC/P41, as an alternative to selling its subsidiary.  Companies interested in pursuing the opportunity for VIC/P47 should contact:    Neil Doyle, Emperor Energy Ltd  Tel: +61 414 912 901  Email: n.doyle@oilbasins.com.au    Or    Geoff Geary   Tel: +61 419 801 849     www.oilbasins.com.au
Emperor Energy Ltd looking to divest interest in VIC/P47, Gippsland Basin