Skye Energy Ventures Pty Ltd, through its subsidiary company Skye Petroleum Pty Ltd, is offering a farm-in opportunity to exploration permit EP 497, located in the Peedamullah Shelf/Barrow Sub-basin, North Carnarvon Basin. Skye is likely offering a low-cost entry with no drill commitments and is seeking a partner to assist in Early Cretaceous oil play exploration. Commercial discoveries could potentially be developed alongside Skye Energy Venture operated oil assets located to the north in adjacent permits.  The central area of the permit, within the Barrow Sub-basin, is covered by the Flinders 3D survey which was acquired by TGS in 2001. The survey extends north over the Cyrano, Chervil, Herald North and Pepper South oil discoveries which offer structural plays in the Upper Jurassic to Lower Cretaceous. The play extends to the 1993 Santa Cruz oil/gas discovery with EP 497.  Santa Cruz 1 was drilled on vintage 2D seismic data and is not covered by the Flinders 3D seismic survey. Thus, the areal coverage of the structure is currently unknown. Low quality structure maps from the vintage data indicate that the well clipped a structure of around 50 sq km with the possibility of additional stratigraphic elements analogous to the Stag oil field. The well encountered a biodegraded gas cap with a 10 m oil leg below in the Birdrong Sandstone at a depth of around 430 m. Although the sandstone was found to be of poor quality at location, the permit could also offer prospectivity in the Mardie Greensand and Barrow Group, all of which overlain by the regional, and proven, Muderong Shale seal. In the nearby Herald North field, oil derived from pre-Jurassic calcareous source rocks appears to have migrated and filled the reservoir. The migration path is not clear. This oil is thought to have biodegraded in situ by the influx of meteoric waters.  Two wells are also located within the permit area: Bricklanding 1 and Dill 1. Bricklanding 1 was designed to test the low side fault closure against the Flinders Fault in 2006. The well was plugged and abandoned with minor gas shows in the Calypso Formation.   EP 497 is now in term three of a six year work programme after being awarded on 16 November 2017 to Carnarvon Petroleum. Skye Petroleum (previously Skye Alba) acquired 100% interest in July 2018. The permit offers an exploration upside to the oil and gas assets held by Skye in the adjacent permits. In the remaining three year work programme, commitment spend totals around AUD 6.9 million dollars through geochemical studies and 100 sq km of new 3D seismic data acquisition in the final term. In the first two years, it is thought that Carnarvon focused on building a well and seismic database of the block through data collection, mapping and geotechnical work.  Across 11 discoveries and abandoned fields held by Skye Energy Ventures, recoverable resources totaled around 40 MMb oil and 90 Bcf gas. It is thought, that before further appraisal, development and advance production techniques, around 10-15 MMbo and 50 Bcf gas could remain. Skye is specifically targeting advanced oil recovery to maximise production from the existing assets. Infrastructure within the permits includes Chervil, South Pepper and Herald North pipelines and the Port Airlie Island terminal.  EP 497 covers an area of 478 sq km and is 100% owned and operated by Skye Petroleum Pty Ltd. The company is seeking a farm-in partner to assist with the exploration work programme over the next three years, until the permit is scheduled to expire on, or be renewed by, 15 November 2023.   Companies interested in pursuing this opportunity are to contact:  Joseph Graham â Skye Energy Ventures CEO  Phone: +61 (0) 417 592 555  E-mail:Â joseph.graham@skyeev.com
Skye Energy Ventures Pty Ltd, through its subsidiary company Skye Petroleum Pty Ltd, is offering a farm-in opportunity to exploration permit EP 497, located in the Peedamullah Shelf/Barrow Sub-basin, North Carnarvon Basin. 