Pancontinental Oil & Gas NL is offering a farm-in opportunity for interest parties for exploration permit EP 447, located in the Perth Basin. The permit contains the Walyering gas field, which was discovered in 1971 and produced a total of 261 MMcf of gas from the Lower Jurassic Cattamarra Coal Measures over a four-month period before the reservoir was considered depleted and production ceased.  Currently, UIL Energy holds 100% interest in the licence but initiated a farm-in agreement with Pancontinentalâs subsidiary company Bombora Natural Energy Ltd in 2016. The agreement is for an area over the Walyering asset, with Bombora negotiating 70% interest and operatorship. The companies have extended the farm-in agreement negotiations to end 2018. Evaluation of Walyering is ongoing as part of the agreement, with a planned 3D seismic survey scheduled.  Conventional sandstone reservoirs of Jurassic age, similar to the Gingin West and Red Gully gas and condensate trend, have been identified in the permit area over a structure area of approximately 10 sq km. Itâs considered that original drilling failed to target the highs due to poorly positioned 2D seismic data and that thereâs a 57% chance of success in the Central High.   Additional 3D seismic data is required to provide better definition at the gas reservoir levels. Pancontinental, as part of the farm-in agreement, is planning to conduct the Walyering 3D seismic survey in late 2018.Â  The survey is planned to commence in November, covering 90 sq km. Pancontinental will fund the survey, up to a capped amount of AUD 2.5 million, to earn the 70% interest in the Walyering, southern section, of the EP 447 permit.Â  The survey is being scheduled to be undertaken in conjunction with other seismic plans in the Perth Basin.  In May 2018 Pancontinental released upgraded gas and condensate volumes for the Walyering field to gross figures of 100 Bcf gas and 2.5 MMbbl condensate. In the case that new 3D seismic data supports the current mapping and size of the undrilled compartments, Pancontinental reports that it will consider an appraisal / development well in 2019.  Pancontinental, through its subsidiary company Bombora Natural Energy, is offering a farm-in opportunity for the Walyering field area of EP 447. The offer is reliant on Pancontinental completing a farm-in deal with UIL which will establish permit interests as: Bombora Natural Energy Ltd (70% & operator) and UIL Energy (30%).  Parties interested in this opportunity should contact -   John Begg, Pancontinental CEO  Phone: +61 8 636 7090  Email: john.begg@pancon.com.au
Pancontinental Oil & Gas NL is offering a farm-in opportunity for interest parties for exploration permit EP 447, located in the Perth Basin. 