Barque resource potential upgraded
New Zealand Oil & Gas has updated its analysis of the Barque prospect offshore from South Canterbury and North Otago, and believes there is more potential than previously thought.
On behalf of the joint venture, New Zealand Oil & Gas is in discussion with potential partners with experience and scale to drill the prospect, and is presenting the farmin opportunity internationally. Copies of a presentation containing summary information are attached.
Analysis of the prospect in the Clipper permit, PEP 52717, has been underway since a 3D seismic survey was completed at the end of 2013. It revealed up to three horizons in the structure. Best estimates of unrisked petroleum in place (100%) in the three horizons now total 11 trillion cubic feet of gas (tcf), and 1.5 billion barrels of liquid (oil or gas condensate) within the proven petroleum system. (5.5 tcf and 750 million barrels net to New Zealand Oil & Gas.)
The primary reservoir target is estimated to contain 5.5 tcf of gas (best estimate, unrisked, in place) and 785 million barrels of associated condensate (best estimate, unrisked, in place). (2.75 tcf and 392 million barrels net to New Zealand Oil & Gas).
New Zealand Oil & Gas has undertaken scoping development work and identified several development concepts. The preferred gas recycling development concept could yield a 460 million barrel gas condensate field, as well as 1.3 tcf of gas from one horizon alone (100%, best estimate, unrisked, prospective (recoverable) resources).
If all three horizons were developed simultaneously, a gas-to-shore LNG project is considered the most likely model. It could yield 8.2 tcf of raw gas, of which 4.8 tcf could be available for conversion to LNG, plus 8.5 million tonnes of LPG and almost 600 million barrels of condensate (100%, best estimate, unrisked, prospective (recoverable) resources).
The Barque horizon volume represents an upgrade from the June 2015 quarterly report (265 million barrels net to New Zealand Oil & Gas, best estimate of unrisked prospective resource) due to further detailed work on the possibility of gas recycling and viability of subsequent gas-to-shore development options (market assessments and numerical modelling).
The Barque prospect lies in about 800 metres of water, approximately 60 kilometres from shore east of Oamaru. The target formations lie between 2,500 and 3,000 metres below mean sea level. New Zealand Oil & Gas is the operator and holds a 50 per cent interest in the permit. The other joint venture party is Beach Energy (50 per cent).
The above includes no reserves or contingent resources and relates only to prospective resources. The estimated quantities of petroleum that may potentially be recovered by the application of a future development project(s) relate to undiscovered accumulations.
These estimates have both an associated risk of discovery and a risk of development. Further exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons. All volumes presented are based on a best estimate, derived from a probabilistic methodology for resources in place and a deterministic methodology for recoverable volumes, which are net of royalties and have not been adjusted for risk. Oil and gas contingent and prospective resources reported in this statement are as at 31 December 2016 and follow the guidelines set out by Chapter 5 of the ASX listing rules (July 2014) and the PRMS Guidelines (2011).
Prospective Resources are those quantities of petroleum which are estimated, as of a given date, to be potentially recoverable from undiscovered accumulations. For the conversion to equivalent units; standard industry factors have been used of 6Bcf:1mmboe and 1Bcf:1.05PJ.
Invitations to participate in the joint venture will only be made to appropriately qualified entities
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