Pathfinder Energy Pty Ltd is seeking farm in partners to its entire, 100% owned portfolio located along the eastern border of a Lower Triassic trend, northeast of the Phoenix South and Roc discoveries: WA-479-P and WA-487-P (Rowley Sub-basin). Pathfinder initially opened the offer in 2014 with negotiable equity on offer along with the possibility of operatorship. Potential deals include a conventional type farm out with a carry-on activities and a cash component as a package deal, or individually. Pathfinder has 3D seismic surveys planned across the permits over the next two years to further define large prospects which are yet to be tested. Pathfinder is seeking partners to help fund the surveys and provide back costs associated with previous activity, with the option of earning further interest via subsequent, non-committed exploration drilling.  Around 1,200 sq km of 3D seismic acquisition is currently planned across the permits which was scheduled by August 2018. A farm-in opportunity was also being offered for exploration licences WA-508-P and WA-509-P. However, the permits were cancelled on 1 November 2018 due to non-compliance of the guaranteed work programme of 3D seismic acquisition. The deadline for the seismic acquisition passed on 16 November 2017.   Pathfinder has been awarded an Environmental Permit (EP) which spans the existing permits and also provides additional coverage, particularly between the north/south permit separation, over the Bellini/Barcoo prospects (area now cancelled) and to the west of WA-487-P over the Pina Colada Prospect and Mai Tai lead.  On 3 July 2017 Pathfinder received approval to make changes to the work commitments for WA-479-P and WA-487-P. The scheduled 3D seismic data acquisition increased from 530 sq km to 1,200 sq km, with associated data processing, across the permits in the second terms. To facilitate the significant increase in data acquisition, both second work commitment terms have been extend by a further 12 months to 12 August 2018. The term schedule for WA-487-P was aligned with WA-479-P to match the seismic commitment deadline which is valid under the covering EP. The permit is valid until end-2018 and covers the exploration permits, plus two others, held by Pathfinder in the basins.   The subsequent terms three to five have not been extended, with geological studies required by August 2017/18 and associated interpretations in the sixth and final terms. The sixth term commitments replace the requirement to drill the first exploration wells which were forecasted to cost around AUD 25 million each, therefore presenting a relatively cheap, low-risk opportunity for interested parties.  Permit Term two of both permits have been extended by Pathfinder year after year as the search for a seismic vessel, contractors and farm-in partners has continued. However, Pathfinder remains committed to carry out the survey independently and has stated it will seek reimbursement if a partner is secured. Currently one survey, covering a minimum of 1,200 sq km across both WA-479-P and neighbouring WA-487-P, is planned for the purpose of mapping in more detail the Pina Colada Prospect, which to date has only been mapped from historic 2D seismic data with line spacing around 5 km. Pathfinder has reported that a survey around 3,000 sq km would be required from the basin binding fault to provide complete confidence and understanding of the Pina Colada high, source rocks, reservoirs and seals. Although the EP is valid until end-2018, a seismic contract must be in place by August 2017. A Letter of Intent has already been signed between Pathfinder and a seismic contractor for the work but the size and timing is likely to be dependent on securing a farm-in partner to share costs.  Upon the award of the permits in 2012/13, the survey across both permits was expected to cost around AUD 11 million for a combined 530 sq km. Under the latest work revision, the planned 1,200 sq km survey is expected to cost around AUD 3.7 million due to significant reductions in costs to acquire seismic data. Potential farminees to the permits would be expected to help fund the surveys and provide back costs associated with previous activity, with the option of earning further interest via subsequent, non-committed exploration drilling. A contract had been signed with Dolphin Geophysical to commence seismic acquisition covering 2,500 sq km across WA-479-P and WA-487-P including the Pina Colada Prospect and Mai Tai lead. However, upon Dolphin filing for bankruptcy in late-2015, Pathfinder began seeking a new provider through either a proprietary or multi-client arrangement and is continuing with survey planning. NOPTA has continued to support Pathfinder by approving extensions to the second term work commitments in both permits.  Pina Colada is a dip and fault closed prospect situated adjacent to a thick Permian-Triassic half graben. The prospect is estimated to contain mean prospective resources of 180 MMb oil or 1.3 Tcf gas with 80 MMb condensate and is currently defined by multiple 2D seismic data sets but requires additional 3D seismic data to better define the structure which is in an ideal position to receive charge from a down-dip petroleum system. Pathfinder has mapped a series of Triassic depocentres northeast of the proven Phoenix area that may contain liquids and gas-prone source rocks similar to those charging the Phoenix South and Roc discoveries. In particular Pathfinder identify the Triassic Locker Shale and the Keraudren Formation in a graben setting between Pina Colada and Mai Tai, which are late oil to gas mature with a recent expulsion pulse created by Tertiary loading. Reservoir objectives are within these Upper Keraudren Formations, sealed by regional and intra-formational shales.  The recent success stories for Quadrant Energy at Phoenix South and Roc has sparked life into the Roebuck Basin after previous failures by the likes of BP and Woodside. Confirmation of a working petroleum system was kicked off by Phoenix South 1ST1 in 2014. The well was drilled within WA-435-P permit, making a new oil play discovery with potentially 300 MMb oil in place. Quadrant drilled the Roc 1 located within WA-437 in November 2015 as a follow up well for the new oil play. Roc 1 subsequently made a liquids rich gas discovery within the Keraudren 1, 2 & 3 sands reservoir section ~90 m down dip from the crest of the gas structure, with 40 sq km of up dip potential within the deeper 4 and 5 sands. A net hydrocarbon interval of 10 m over a 40 m gross sand column was intersected within three discrete sand units between 4,380 and 4,420 m.Â  Gas, with around 20 â 40 bbl/MMcf condensate, was recovered from the well during the evaluation programme. After an initial assessment, Finder Petroleum reported that estimated liquids content had been increased to 46-60 bbl/MMcf.     To the west of Pathfinderâs permits, a large exploration programme was planned by Woodside/Shell in 2013 to 2015, including 11,000 sq km 3D seismic data acquisition and eight wells. BP farmed in and subsequently withdrew following two dry wells: Hannover South 1 in WA-466-P and Anhalt 1 in WA-462-P. Hannover South 1 spudded in July 2014 and was drilled to a total depth of 5,512 m before being plugged and abandoned. The well was targeting a large gas prospect, with over 100 MMboe potential reported by Woodside, but failed to encounter hydrocarbons. Hannover South 1 was the first of three initial wells in an eight-well programme, with Anhalt 1 and Steel Dragon 1 (WA-464-P) following. Anhalt 1 spudded on 8 November 2014 and was drilled to a total depth of 5,105 m before being plugged and abandoned as a dry hole. Anhalt 1 was reported to be targeting a large gas prospect within the permit and had a planned total depth of 5,559 m. Steel Dragon 1 was also dry in the neighbouring permit WA-464-P.    Pathfinder Energy Pty Ltd is offering a farm-in opportunity to its 100% owned and operated permits: WA-479-P and WA-487-P located within the Roebuck and offshore Canning basins. The permits cover approximately 14,430 sq km in water depths between about 60 and 400 m.   Companies interested in pursuing this opportunity should contact:  Ian Boserio, Technical Director  Tel: +61 419 932 175    Email:Â  i.boserio@pfenergy.com.au    Or    Greg Channon, CEO  Tel: +61 404 879 307    Email:Â  g.channon@pfenergy.com.au
Australia (Barrow Sub-basin (North Carnarvon B.)) Crest