WA-320-P & WA-155-P (Part II)
WA-320-P and WA-155-P (Part II) are exploration permits in the offshore Carnarvon Basin, Western Australia. The Palmerston prospect straddles both WA-320-P and WA-155-P (Part II). Palmerston is a Triassic fault block with structural similarity to the Zola structure. The Palmerston-1 well will target sandstones in the proven Mungaroo Formation play and will satisfy the Year 3 well commitment.
During the first half of 2013, Tap farmed out a portion of its interest in both permits to JX Nippon Oil and Gas Exploration (Australia) Pty Ltd. Tap farmed out 10% of its interest in WA-320-P and 7% of its interest in WA-155-P (Part II) in exchange for a 5% carry on the Palmerston-1 well (up to a total well cost of US$70 million). Tap retains a 9.778% equity in WA-320-P and 6.555% equity in WA-155-P (Part II). The farmout has been approved and registered by the government..
Production License WA-8-L is situated within the north eastern part of the Dampier Sub-Basin of the Northern Carnarvon Basin. The permit was awarded in 1988 for a period of 21 years during which time the Talisman Field has been developed. The Talisman Field was abandoned in 1992, since then there has been no further production in the permit. The Amulet oil Field was discovered within the permit in May 2006 with the drilling of wells Amulet -1, 2 and 3.
TL/2 & TP/7
The TL/2 production license and TP/7 exploration permit are located in shallow water in the offshore Carnarvon Basin approximately 40 kilometres north-northeast of Onslow, Western Australia.
The Taunton oil field was discovered in 1991 and straddles the TL/2 and TP/7 permit boundaries. It was subsequently appraised by four additional wells which encountered oil in the Birdrong Sandstone.
Approval has been granted for variation of the TP/7 Year 3-5 work program (July 2014 – July 2017) to substitute the 3D seismic acquisition and well commitment with geotechnical studies. Studies on the Taunton oil field are progressing ahead of assessment of development options for the field.