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The permit work program for the first year is the acquisition of gravity and magnetics data with a 50 km 2D survey required for the second permit year. The Arc, CalEnergy and Norwest Energy JV said it was likely to acquire 3D seismic over the southern part of the permit in the next few months and additional 2D seismic elsewhere in the permit after that.
“EP 437 lies immediately to the northwest of the L1/L2 Production Licences and contains similar geological structures to the recent oil discoveries at Jingemia and Eremia,” Norwest said in a statement.
“Numerous oil and gas shows had been encountered in previous drilling on the permit, however none of the wells on the permit have been drilled on valid structural closures.
“The activity in the general area, including drilling, seismic acquisition and infrastructure development means there is an opportunity to accelerate the exploration program on this very prospective permit.”
Interests in EP 437 are ARC Energy Limited (operator) 33.33%, Cal Energy Gas (Australia) Limited 33.33% and Norwest Energy NL (via wholly owned subsidiary Westranch Holdings Pty Ltd) 33.33%.
