Top End Energy today provides an update on its Queensland activities, including the appointment of Terrex Pty Ltd (Terrex) to undertake the acquisition of approximately 120 line kilometres of new 2D seismic on ATP 1069 (the Permit).

Highlights

• Terrex contracted to execute new 120km 2D seismic acquisition over the large Coolibah Prospect (PMean prospective resource of 715 bcf) in Q1/Q2 2023
• Program designed to improve chance of success ahead of drilling decision in H2 2023
• ATP 1069 is 100% owned by the Company and located near to existing infrastructure and the gas-starved East Coast market
• Strategic location and scale of Coolibah Prospect likely to attract farm-in interest

Coolibah prospect

The Coolibah conventional gas prospect was identified following completion of the Company’s prospectivity review of its 100% owned Authority to Prospect (ATP) 1069.

The Coolibah prospect is a large anticlinal feature (~278km²) identified from geological and geophysical studies focussed on assessing the conventional gas potential of Devonian aged formations including the Buri Limestone. The Buri Limestone is of equivalent age to the producing Lissoy Sandstone formation of the nearby Gilmore Gas Field.

A proven working petroleum system exists in the Adavale Basin as evidenced by the Gilmore Gas Field which is situated approximately 50km west of ATP 1069. Any discovered gas volumes at Coolibah would have the potential to be monetised through nearby infrastructure with access to the East Coast gas market.

New 2D seismic survey

On the back of the geological and geophysical work completed since the Company acquired the Permit in April 2022, the Company has refined the scope of the intended seismic acquisition of approximately 120km of new 2D lines. All vintage seismic data in the area is from the 1980s and lacks modern acquisition technology and quality. The new program will infill this vintage data over the Coolibah prospect with the objective of better defining a potential drilling target on the structure.

The acquisition will involve the use of a state-of-the-art receiver array and vibroseis source trucks. The strike line of the seismic program is planned to extend beyond the southern boundary of the Permit to tie-in the seismic data with data from the Mount Morris 1 well, drilled in 1984. The Company is in the process of submitting a Data Acquisition Authority to permit the acquisition of the seismic data outside the Permit boundary.

The objective of the infill seismic campaign is to reduce subsurface geological risk by assessing the likely distribution and quality of hydrocarbon reservoirs and confirmation of a structural closure with sealing capacity. The ultimate intention is to mature the Coolibah Prospect towards a drilling decision later in 2023.

The acquisition is expected to be undertaken late Q1 / Q2 2023 subject to the finalisation of land access agreements with the owners of the land on which the seismic survey is to be undertaken. The Company initiated engagement with relevant landowners in Q3 2022 and is targeting completion of this workstream by the end of Q1 2023.

Subject to the outcome of the seismic acquisition, the Company plans to farm down a portion of its 100% interest ahead of drilling a potential exploration well to test the Coolibah Prospect.

In response to the engagement with Terrex, the Company’s Managing Director Oliver Oxenbridge commented: 
“We are excited to be taking this significant next step in progressing the Coolibah prospect to a potential drilling event. Terrex are a very experienced operator in the seismic acquisition space – we are looking forward to working with them on the ATP 1069 campaign and building a partnership that should further serve the company as we mature opportunities across the portfolio.”

KeyFacts Energy Industry Directory: Top End Energy   l   Terrex Seismic