WA-290-P / WA-49-R

WA-290-P is an exploration permit in the offshore Carnarvon Basin, Western Australia.  In early 2011, the Joint Venture drilled the Zola discovery and in August 2012, a retention lease, WA-49-R, was granted over the Zola and Antiope discoveries for a period of five years.  The lease area covers two graticular blocks.

The Greater Zola Structure comprises several fault blocks along the Alpha Arch, south of the giant Gorgon gas field.  A single fault block was tested by Zola-1 (the Zola fault block).  Within the Greater Zola Structure, Bianchi-1 was drilled on an independent Triassic prospect some 6.4 kilometres north-northeast of the Zola-1 gas discovery and 20.8 kilometres south-southwest of the Gorgon-1 gas discovery.

The Joint Venture commenced drilling the Bianchi-1 well in WA-49-R on 12 April 2013.  In July 2013, the Joint Venture confirmed a gas discovery at Bianchi-1 with 112 metres of natural gas net pay in the Mungaroo Formation reservoir sandstones.  The well was drilled to a total depth of 5,429 metres and was plugged and abandoned as planned.

The discovery is positive for Tap with three gas discoveries (Antiope-1, Zola-1 and Bianchi-1) now made on the block.  Furthermore the success at Bianchi-1 helps support Tap’s assessment of the Greater Zola Area and provides additional resources for the future potential commercialisation of the lease.

Tap estimates gross 2C contingent resources of 638 PJ within the retention lease and a net resource to Tap of 64 PJ.  Tap has booked an additional 16 PJ of net 2C contingent resources for Bianchi, leading to a total of 64PJ of net 2C contingent resource for the gas discoveries made in WA-49-R to date (includes the Zola, Bianchi and Antiope discoveries) (ASX Release 26 February 2014).


NOTE: The Zola reserve and resource information is based on information compiled by Mr David Guise (Managing Director – Consulting) of RPS Australia Asia Pacific. Mr Guise is a registered Professional Engineer with over 30 years of domestic and international petroleum engineering and operating experience in both onshore and offshore environments. He has substantial experience and knowledge of field development planning, production optimisation and reserve estimation, as well as new venture identification and evaluation. Mr Guise holds a Diploma of Technology (Petroleum Technology) from the Southern Alberta Institute of Technology and a B.Sc. in Petroleum Engineering from the University of Wyoming. Mr Guise is not a full-time employee of the Company, and has consented to the inclusion of such information in this report in the form and context in which it appears.