Pilot Energy has received confirmation that the Western Australian Department of Mines, Industry, Regulation and Safety (DMIRS) has approved amendments to the minimum work commitments and durations of its South West oil and gas tenements.
The amendments have the effect of extending the time to complete near term activities, with EP480 permit being extended until 2024.
Pilot has agreed to complete an additional 60km of 2D seismic inversion processing as an above commitment activity.
Under the revised work program, the near-term activities include technical studies, geophysical/seismic reprocessing, and a geochemical survey.
Planning for these activities is underway and Pilot expects early results from these activities to assist with the well planning process for the farming well to be drilled by Advanced Energy Transition.
The company advised that the well itself will satisfy the exploration well obligation of either EP416 or EP480, subject to determining the final well location.
Pilot holds a 21.25 per cent interest in the Cliff Head oil field, material working interests in WA-481-P and EP416/480 exploration permits in Western Australia.
EP416 and EP480 are contiguous permits located in the southern part of the onshore Perth Basin, on the coast of Western Australia between the towns of Mandurah and Bunbury.
The permits cover a combined area of 2,310 km2, and have been only lightly explored. Only three wells have been drilled within the permits, two of which were drilled in the 1960’s.
A more recent well, drilled in 2012 as part of a carbon geosequestration study program, confirmed the presence of good quality sandstone reservoir intervals.
Pilot Energy holds a 60 per cent working interest as operator, and have reported existing 2D seismic data confirms the presence of the large Leschenault structural prospect across the permits, with over 200km2 of closure mapped at the Sue Sandstone reservoir level.
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