Surrounded by proven petroleum systems
Hydrocarbon exploration in the Dampier Sub-basin, offshore Western Australia, dates back to the late 1960’s when the Legendre-1 exploration well encountered oil. Since then, over 200 exploration and development wells have been drilled with an exploration technical success rate of 41%. Commercial success rates are >20%. Historically, exploration has focussed on structural traps, with wells concentrated along the basin margins and prominent inversion trends. More recently, exploration has begun to test the stratigraphic trapping potential closer to the main depositional-centres where turbidite sands are more concentrated.
Exploration permit WA-458-P in Dampier Basin
A geotechnical evaluation of FAR’s offshore Western Australia exploration WA-458-P in the Dampier Basin was conducted in 2014. This evaluation identified multiple prospects with total Prospective Resources* amounting to 358 million barrels of oil (unrisked best estimate basis) net to FAR.
In early Q1 2019, seismic acquisition of FAR’s phase of the Davros Extension Multiclient 3D survey was safely completed over WA-458-P. This concludes the seismic acquisition covering the entire WA-458-P block. The seismic was acquired by CGG in a number of phases, commencing in 2015, and was being processed for
much of the year. In February 2020, FAR received a fast-track seismic volume from CGG who is also conducting the seismic processing. Final data is expected by end of Q2 2020. This new data will benefit from the modern acquisition configurations, and improved processing techniques which have been applied. This data will be valuable in the ongoing evaluation of the prospects identified in the block through 2020. The prospects
in WA-458-P are low risk in proven commercial plays within a prolific basin. The immediate region contains numerous discoveries and fields with hydrocarbons in the same reservoir units and trapping styles as the identified prospects in WA-458-P.
For further information and up-to-date progress on FAR’s Australian licences, please visit the Announcements & Reports section of the Company website.