GAS2GRID LIMITED r personal use only
NEW DIRECTION
QUEENSLAND GAS PRODUCTION
February, 2022
COMPANY STRATEGY
GAS IN EASTERN AUSTRALIA
only | • Gas price currently about A$9/Gj at Wallumbilla Hub in eastern Queensland | |
• Gas shortage for east coast domestic and export LNG markets - gas sale opportunities good | ||
• Excellent opportunities for new gas discoveries in Surat Basin where exploration has been | ||
largely dormant since the 1990s | ||
use | • Apply recently developed 3D seismic acquisition and processing technology to increase | |
chances of success - similar approach to that applied so successfully on the western flank of | ||
the Cooper Basin with proven Permian, Triassic and Jurassic age reservoir targets | ||
• GGX technical executives were involved in many of the gas and oil discoveries made in this | ||
area of the Surat Basin during the 1980s and will now be leveraging off that original success | ||
STRATEGY | ||
personalr | • | Target gas sales by the end of 2022 from the undeveloped Riverside Gas Field (2 wells) |
• | Production wells may require fracture stimulation | |
• | Target gas reserve and sale increase through exploration - significant gas resource upside | |
• | Inversion processing of existing 3D seismic data set incorporating known gas accumulations | |
• | from historic production wells target both structural and stratigraphic accumulations | |
Drill one new exploration well to test for gas target as delineated by inversion processing | ||
• | Acquire 300 sq/kms new 3D seismic data over area attractive for new gas discoveries | |
• | Drill one new well based on 3D seismic data to test for gas |
Targets and Strategy
2
NEW VENTURE SUMMARY
onlySURAT BASIN, QUEENSLAND
Farmin 50% ‐ Armour Energy (ASX: AJQ)
Riverside Gas Field (part of PR 511)
• Riverside Gas Field Development
use | |
• Riverside North‐1 to be drilled by June, 2022 | |
• In addition, frac either Riverside‐1 or Riverside North‐1 | |
• Target two Riverside Field gas wells online for gas sale by year end 2022 | |
personalr | |
Myall‐Bainbilla Area | |
• Encompasses 5 existing licences adjacent to PR 511 (Riverside Gas Field) | |
and the large Churchie‐Myall Creek Gas Fields | |
• Existing 3D seismic data being processed using seismic inversion | |
technology in order locate areas with gas charged high quality reservoirs |
• One well to be drilled in 2023 to target more gas
• New 248 sq km 3D seismic survey to evaluate large area between the Churchie‐Myall Creek Gas Field and the Kincora Gas Field
• Drill one new well in 2023 within the 3D seismic survey to target gas
2022 end by Production in Wells Gas New 2
3
NEW SURAT BASIN ASSET FARMIN
r personal use only
Assets Basin Surat
4
Riverside Gas Field
only | Riverside Gas Field | |
• | Drilled in 1997 | |
• | Gas kick from Tinowon Formation required well | |
control, over‐pressured gas | ||
• | Well killed with heavy mud - formation damaged | |
use | ||
• | Open hole DST of top section flowed 836 mcfd | |
• | Cased and perforated flowed at 300 mcfd | |
• | No further work has been conducted in Riverside‐1 | |
• | Large 480 acres structural closure, with follow up | |
drilling opportunities; gas on rock | ||
personal | ||
• | Stratigraphic trapping potential - significant upside | |
• | Riverside South‐1 drilled later, tight reservoirs | |
• | Drilling candidates at Riverside North‐1 and | |
Riverside South‐2 | ||
• | Excellent frac‐stimulation candidate | |
• | Field is mapped on 3D seismic | |
• | Plan to drill Riverside North‐1 and frac either | |
Riverside‐1 or Riverside North‐1 | ||
• | Existing pipeline connects field to Kincora Gas Plant | |
• | Aim to place both wells into production by end | |
2022 |
Field Gas Riverside
5
r
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Gas2Grid Limited published this content on 01 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 February 2022 23:08:06 UTC.
