FAR Ltd has said a geotechnical evaluation of its offshore Western Australia exploration permits WA-457-P and WA-458-P in Australia’s Dampier Basin has identified multiple prospects with total prospective resources amounting to 447MM boe (unrisked best estimate basis) net to FAR.
Existing extensive vintage 3D seismic and 2D seismic data covering both permits as well as exiting well data were used to calculate the resource estimates.
The permits are located within an active petroleum system on the North West Shelf and are surrounded by oil and gas discoveries. Water depths are 25 to 110 metres.
In a new 3D seismic survey covering both permits planned for mid-2014, FAR will use recently developed modern acquisition and processing techniques that are optimised for hydrocarbon detection. FAR will use this new data to high grade and de-risk prospects identified for future drilling.
Subject to encouraging results, FAR expects to proceed with drilling in a later subsequent exploration period. FAR has a 100% interest and is Operator of the WA-457-P and WA-458-P permits.