EPP34 OTWAY BASIN: OFFSHORE SOUTH AUSTRALIA
15% INTEREST
OPERATOR: EXOIL LIMITED
The EPP34 Joint Venture consists of:
Exoil Limited 15%
Moby Oil & Gas Limited 20%
National Energy Pty Ltd 15%
United Oil & Gas Pty Ltd 30%
Gascorp Australia Pty Ltd 10%
National Gas Australia Pty Ltd 10%
Figure 5 below shows the location of EPP34 (plus EPP35 and EPP36 referred to below) and displays structural elements and well control. For a geological description of EPP34 see Section 7 of the Information Memorandum.
The Trocopa seismic survey of 1,100 kms of new 2D seismic data was acquired in EPP34 during the quarter ended 30 June 2008. Reprocessing of more than 1,500 kms of old seismic data covering the permit is also planned simultaneously with the processing of the seismic data from the Trocopa survey. Interpretation is being focused on the northern shelfal section of the block, targeting the Early Cretaceous Pretty Hill Sandstone. The Trocopa seismic survey will provide extensive modern 2D coverage in the northern part of the permit and is expected to open up the Joint Venture to the possibility of a series of gas plays.
The permit is not subject to Native Title claims.
Budgeted Expenditure – EPP34
| Year of Term of Permit |
Summary Work Program |
Exoil's 15% Share of
|
|
Budgeted Expenditure* A$
|
Indicative Expenditure* A$
|
| |
|
2008/2009
|
2009/2010
|
| Year 4 |
Interpretation & Mapping |
30,000
|
|
| Year 5 |
Drill One Well |
|
NIL
|
| TOTAL BUDGETED EXPENDITURE 2008/2009 |
30,000
|
|
| TOTAL BUDGETED EXPENDITURE 2009/2010 |
|
NIL
|
| *ASSUMPTIONS: |
That the Year 5 well obligation is either farmed out or rolled into Year 6 or an election is made not to drill.
|
EPP35 OTWAY BASIN: OFFSHORE SOUTH AUSTRALIA
30% INTEREST
OPERATOR: EXOIL LIMITED
The EPP35 (Troas) Joint Venture consists of:
Exoil Limited 30%
Gascorp Australia Pty Ltd 30%
National Energy Pty Ltd 20%
Moby Oil & Gas Limited 20%
Figure 5 above shows the location of EPP35. For a geological description of EPP35 see Section 7 of the Information Memorandum.
EPP35 contains the Troas gas accumulation where gas indications in the Troas-1 well were noted over more than 1,000 metres of sedimentary section. The permit therefore has a proven hydrocarbon system in place. The Joint Venture’s focus has been on the Troas Deep Prospect and it currently plans to shoot a 325 km² 3D seismic grid over the Troas Deep complex. This is budgeted for 2009/2010, with the Joint Venture planning to farm out the cost of this survey.
The permit is endowed with a wide range of potential prospects, with ‘fair to good’ seismic and well data coverage.
The permit is located approximately 120 km from the gas pipeline to Adelaide.
The permit is not subject to Native Title claim.
Budgeted Expenditure – EPP35
| Year of Term of Permit |
Summary Work Program |
Exoil's 30% Share of
|
|
Budgeted Expenditure* A$
|
Indicative Expenditure* A$
|
| |
|
2008/2009
|
2009/2010
|
| Year 3 |
Geological & Geophysical Studies
Carry Out 325km² 3D Seismic Survey |
|
NIL
|
| Year 4 |
Processing Interpretation |
|
100,000
|
| TOTAL BUDGETED EXPENDITURE 2008/2009 |
7,500
|
|
| TOTAL BUDGETED EXPENDITURE 2009/2010 |
|
100,000
|
| *ASSUMPTIONS: |
That the Company’s share of the Permit obligation to acquire 325 km² of 3D seismic is met by a farminee.
|
EPP36 OTWAY BASIN: OFFSHORE SOUTH AUSTRALIA
30% INTEREST
OPERATOR: EXOIL LIMITED
The EPP36 Joint Venture consists of:
Exoil Limited 30%
Gascorp Australia Pty Ltd 30%
National Energy Pty Ltd 20%
Moby Oil & Gas Limited 20%
Figure 5 above shows the location of EPP36. For a geological description of EPP36 see Section 7 of the Information Memorandum.
EPP36 is a deep water area, parallel to the Morum Sub-basin. It is thought to have excellent reservoir potential for stacked plays in thick Upper Cretaceous section.
Due to its proximity to the Morum Sub-basin, EPP36 is postulated to have scope for marine influenced source rock in deep water.
There is an obligation in Year 3 of the permit to acquire 1,100 kms of new 2D seismic that is planned to be met by a farminee.
The permit is not subject to Native Title claims.
Budgeted Expenditure – EPP36
| Year of Term of Permit |
Summary Work Program |
Exoil's 30% Share of
|
|
Budgeted Expenditure* A$
|
Indicative Expenditure* A$
|
| |
|
2008/2009
|
2009/2010
|
| Year 3 |
Geological & Geophysical Studies
Acquire 1,100 kms of 2D Seismic |
|
5,000
NIL
|
| Year 4 |
Seismic Processing & Interpretation |
|
50,000
|
| TOTAL BUDGETED EXPENDITURE 2008/2009 |
5,000
|
|
| TOTAL BUDGETED EXPENDITURE 2009/2010 |
|
55,000
|
| *ASSUMPTIONS: |
That the Company’s share of the obligation to acquire 1,100 kms of 2D seismic is met by a farminee.
|
Vic/P61 OTWAY BASIN: OFFSHORE VICTORIA
30% INTEREST
OPERATOR: EXOIL LIMITED
The Vic/P61 Joint Venture consists of:
Exoil Limited 30%
Gascorp Australia Pty Ltd 30%
Moby Oil & Gas Ltd 20% (earning pursuant to farmin)
Otway Oil & Gas Pty Ltd 20% (holds 10% on behalf of each of Octanex NL and Strata Resources NL)
Figure 6 below shows the location of Vic/P61 and displays prospects and leads, well control and nearby discoveries. For a geological description of Vic/P61 see Section 7 of the Information Memorandum.
Vic/P61 is in the offshore Otway Basin some 50 to 60 kilometres southwest of Port Campbell. The area comprises 30 graticular blocks covering approximately 1,874 kms² and is situated on the shelf margin of the Basin where water depths vary between 80 and 500 metres. The permit’s eastern boundary is close to gas discoveries and new developments at Minerva, Geographe, Thylacine and Casino. Seismic surveys over the permit are entirely 2D and vary in quality and extent. The Joint Venture plans to acquire up to 1,000 line kms of new 2D seismic.
The permit is not subject to Native Title claim.
Budgeted Expenditure – VIC/P61
| Year of Term of Permit |
Summary Work Program |
Exoil's 30% Share of
|
|
Budgeted Expenditure* A$
|
Indicative Expenditure* A$
|
| |
|
2008/2009
|
2009/2010
|
| Year 2 |
Geological & Geophysical Studies
Acquire 1,000 kms of 2D Seismic |
|
10,000
NIL
|
| Year 3 |
Carry Out 450 km² 3D Siesmic Survey |
NIL
|
NIL
|
| TOTAL BUDGETED EXPENDITURE 2008/2009 |
10,000
|
|
| TOTAL BUDGETED EXPENDITURE 2009/2010 |
|
10,000
|
| *ASSUMPTIONS: |
That the Company farms out the cost of all Year 2 and Year 3 obligations. If the Company is unable to farm these out it will be required to fulfil them or surrender the permit. To meet these obligations the Company would need to raise capital, as the indicative cost for the Company’s share of the 2D seismic survey is $600,000, for the 3D seismic survey is $2,700,000 and for the well (in Year 5) is $5,400,000.
|