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WHL Energy gives resource update

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Oilfield Technology,

Australian energy company WHL Energy Limited is pleased to report that a portfolio with some 14 prospects with total best estimate prospective resources of 1044 billion ft3 of gas and 31.2 million bbls of condensate and LPGs has been mapped on the fully processed volume of the La Bella 3D Seismic Survey. The survey data was acquired during November/December 2013 in the VIC/P67 exploration permit (WHN: 40% Operator) in the offshore Otway Basin, Victoria, in which AWE Ltd’s, subsidiary Peedamullah Petroleum also holds 60% equity.

Processing of the seismic data commenced in January 2014 and the final pre-stack time migration volume was delivered in late July 2014. Through the third quarter of 2014, WHL Energy has progressed the interpretation of the data, including a full review of the VIC/P67 Contingent and Prospective Resources.

A group of 4 prospects are mapped on the Ferrier Terrace immediately west of the La Bella Field that are characterised by stacked structurally conforming amplitude anomalies (Mylius, Mylius West, Ferrier and Ferrier South).

These prospects have low geological risk and Best Estimate Prospective Resources* for these features total 196 billion ft3 sales gas and 6.2 million bbls of condensate and LPG, in addition to the La Bella discovery, with a 2C Contingent Resource of 74 billion ft3 sales of gas and 2.4 million bbls of condensate and LPG. Importantly, these low risk prospects - in combination with the La Bella field - could form a core gas development in VIC/P67 with successful exploration drilling.

Full interpretation of the final pre-stack time migration volume has also highlighted considerable exploration upside within the permit. A further range of prospects have been mapped and best estimate prospective resources for these features total 665 billion ft3 sales gas and 19.8 million bbls of condensate and LPG. The successful exploration drilling of key prospects could result in sufficient resource volume to support a standalone VIC/P67 project development.

WHL Energy Managing Director, David Rowbottam, said “The results of the La Bella 3D seismic survey have exceeded our expectations and it is exciting for our shareholders that the broader VIC/P67 project now has the potential for a standalone gas development. VIC/P67 lies adjacent to the existing Otway Basin gas development projects and successful exploration of the low risk amplitude supported prospects in combination with La Bella could form the basis of a VIC/P67 development through this existing infrastructure.”

“Alternatively, the results seen in the final Pre-Stack Time Migration volume indicate that potential success with the higher upside but moderate risk prospects may yield sufficient resources to justify a standalone VIC/P67 gas development.”

“The Company continues to note the strong demand for domestic gas on the east coast of Australia and believes the conventional VIC/P67 Prospective Resources may provide a cost competitive gas supply to these markets.”

“The investment in the VIC/P67 3D seismic data has enabled greater geological definition of the permit and unlocked a range of exploration prospects. The potential resources in VIC/P67 could play an instrumental role in providing a long term gas supply from the Otway Basin to the east coast Australian gas markets.”

“WHL Energy is now working closely with our JV partners in the drive to prioritise and mature two prospects for drilling in 2015, this being the next step in the path to commercialisation for VIC/P67.”

Adapted from a press release by David Bizley

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