Project Summary
A number of significant discoveries have been made in the offshore portion of the Otway Basin, including Geographe and Thylacine. However, the South Australian portion in which EPP 27 is located has been relatively poorly explored, notwithstanding the obvious potential as evidenced by naturally occurring hydrocarbon seeps in and around the Breaksea Reef area.
In February 2006 Great Artesian concluded negotiations for a farmout involving Oilex NL and two major Indian oil and gas industry players - Videocom and Gujarat State Oil. The terms of the farmout will see both seismic and a well being fully funded by these farminees. A well is to be drilled in 2008.
The offshore Otway Basin has the potential to provide a real ‘company maker’ with a number of prospects and leads having the potential to hold several hundred billion cubic feet of gas and associated liquids or hundreds of millions of barrels of oil. Following the initial seismic and drilling Great Artesian will retain a 40% in EPP 27.