Project Summary
The Oilex, Videocom and Gujarat farmin consortium is currently concentrating on the oil prone southern and eastern portion of this permit where they acquired new seismic data during mid 2006 to better delineate a potential drillable target. Following drilling of the first well, Great Artesian will retain a 40% interest in the permit. The farminees have the potential of increasing their interests to 75% by fully funding an additional exploration well.
Within this portion of the offshore Otway Basin, the Flaxman-Waarre structural play and lower Paaratte Sands — comprising horst blocks and three-way dip closures that elsewhere in the basin have been successfully associated with valid traps — represent the main focus of exploration.
Although the deeper Flaxman-Waarre plays remained poorly imaged on the original seismic data, numerous direct hydrocarbon indicators were identified on the reprocessed data at a number of levels, indicating possible extensive charge by hydrocarbons. In addition, bitumen material has been found washed up along the adjacent coastline and scientific surveys have reported naturally occurring hydrocarbon seeps around the Breaksea Reef-1 location. Only two wells have been drilled within the permit, which is lightly explored compared to the Victorian counterparts where the Geographe and Thylacine discoveries were made.
Previously Woodside had funded a $10 million exploration program within the permit, including 3D seismic data. Interpretation by Woodside of the reprocessed seismic data has enabled 18 structures, besides their Cobana Prospect, involving some 35 separate reservoir- trap targets to be identified within the permit.