Moby (25%) said the 3D survey in Vic/P53 had now been completed after increasing the size of the survey from 405 km² to 524 km² in order, it said, to take advantage of current seismic vessel availability, coupled with the economics of an add-on acquisition.
The seismic survey was managed on behalf of Exoil Limited (Vic/P53 operator) by Apache Energy Limited. The data was shot using the Western Trident vessel and will be processed by WesternGeco and interpreted over the next six months by expert consultants acting on behalf of the joint venture.
The $5 million investment in seismic acquisition, processing and interpretation was approved by the Vic/P53 Joint Venture in order to delineate a number of prospective leads developed by the operator, Exoil, and to generate new leads. Following interpretation, it is hoped that the current leads and other features, will be matured into prospects suitable for drilling over the following months. Subject to joint venture approval and rig availability, a well could be drilled in early 2006.
The partners consider the permit is prospective for oil and gas located in reservoir sands both at the top Latrobe level and possibly also at deeper intra Latrobe levels.
Vic/P53 is surrounded by producing oil and gas fields held by Esso/BHP. This location, adjacent to production infrastructure, pipelines, processing facilities and major markets, offers potential advantage through infrastructure savings.
Moby (as to 33%) and Exoil (as to 66%) have now acquired the right to earn farm-in interests of 25% and 50% respectively in Vic/P53.