The Sasanof-1 exploration well is in WA-519-P in Commonwealth waters about 207 km northwest of Onslow, Western Australia, and is scheduled to drill in 1Q22.
Independent assessment by ERC Equipoise Ltd (ERCE) of the Sasanof Prospect estimates a 2U Prospective Resource of 7.2 trillion ft3 of gas and 176 million bbl of condensate (P501), with a 32% chance of success. The high case 3U Prospective Resource estimate is for 17.8 trillion ft3 gas and 449 Million bbl of condensate (P10).
The agreement will see GLV fund 50% of the cost of drilling the Sasanof-1 exploration well through a 25% acquisition of Western Gas (519 P) Pty Ltd, the licence holder for WA-519-P.
The Sasanof Prospect is on trend and updip of the Mentorc Gas and Condensate Field and nearby the giant gas dields of Scarborough and Io-Jansz in the Carnarvon Basin. The liquids rich, low CO2 Mentorc Field is the eastern fault block and is “filled to spill” into the updip Sasanof Prospect to the west.
Western Gas has secured the Valaris MS-1 rig to drill the well. Drilling will commence at the earliest in mid February 2022, subject to approvals, with an estimated total campaign duration of 25 days. Western Gas has contracted specialist well engineering and drilling management company AGR Australia (AGR) to manage the Sasanof drilling campaign.
Sasanof-1 will be a vertical well and drilled to a total depth of approximately 2500 m in 1070 m of water, providing a low cost, high impact exploration activity in a known and proven hydrocarbon province. Drilling costs are estimated at US$20 million.
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