Oil and Gas News

Tamaska takes on 20% interest in Talisman project

Tamaska Oil & Gas (TMK) has acquired a 20 per cent interest in the Talisman Deeps project in the Carnarvon Basin offshore Western Australia.

The company’s interest was acquired through the acquisition of a 20 per cent shareholding in Skye Napoleon, which owns 100 per cent of the project.

As a result of its 20 per cent shareholding, TMK has the right to covert it to a 20 per cent direct participating interest by forming a joint venture for the project.

There is a large potential hydrocarbons accumulation upon Talisman Deeps known as Napoleon, which is in the Barrow-Dampier sub-basin on Australia’s north west coast.

Recent seismic mapping and geo-technical studies suggests a large unrisked volume of hydrocarbons, a target of similar significance to the Dorado and Wanaea discoveries.

TMK has advised that the JV company is developing Napoleon to drill ready status over the next four months by undertaking an extensive 3D seismic reprocessing program, which is set to be completed by April.

Following the results of the reprocessing, the subsurface interpretation of Napoleon will be updated, with an independent prospective resource estimate to then be undertaken.

TMK director Joseph Graham said it was an “exceptional opportunity” for the company.

“Napoleon is large high-quality structure located in a proven productive reservoir in the richest petroleum basin in Australia. We have undertaken extensive technical work and believe that Napoleon is likely to prove to be an outstanding exploration target with large upside for the participants,” Graham said.

“It has the potential to be one of the most significant and exciting petroleum exploration wells drilled in Australia over the next year.”