Apache Energy’s Phoenix area off Western Australia is estimated to contain 48-232 MMbbl of contingent and prospective recoverable oil, according to an independent technical advisor.
Map from Carnarvon.
Joint venture partner Carnarvon Petroleum commissioned DeGolyer and MacNaughton to assess the potential recoverable oil within the Phoenix 3D seismic area that includes the Phoenix South-1 discovery and Roc prospect.
Results from the study indicate that contingent and prospective recoverable oil assessed is between 48-232 MMbbl, with a best estimate of 104 MMbbl.
For Phoenix South, oil recoverable is between 6 and 56 MMbbl, with a best estimate of 19 MMbbl, classed as contingent resources.
The Roc prospect has an estimate of 12 and 133 MMbbl of recoverable oil, with a best estimate of 42 MMbbl.
The recoverable volumes have been calculated using a reasonably conservative and broad range of recovery factors,” says Adrian Cook, Carnarvon managing director. “The ongoing technical work, including “special core analysis,” is expected to refine this range.”
Cook says that DeGolyer and MacNaughton verified Apache’s initial oil in place estimate of up to 300 MMbbl for the Phoenix South alone, assessing 296 MMbbl in place and 56 MMbbl recoverable in the high side case.
Roc-1 is scheduled for drilling in 2015. DeGolyer and MacNaughton have assessed a high technical chance of success on this well of 42%.
“The Roc-1 well is a standout exploration opportunity given the best estimate prospective resource of 42 MMbbl, which is definitely a commercially attractive proposition if confirmed, and a high 42% chance of success,” says Cook. “A high-side outcome of up to 133 MMbbl of recoverable oil would be an outstanding result and there is little capital risk to investors as the first US$14 million of Carnarvon’s share of any drilling activity in the permit will be paid for by Apache and JX Nippon.”
According to Carnarvon, the Apache-led joint venture continues to work on the Phoenix South-1 well data and the data from previously drilled wells in the permit. This work addresses many geological aspects including reservoir development and quality, the type and potential source of the oils discovered and determining where the same results may occur elsewhere in the blocks.
A seismic acquisition began over the Phoenix area, on the new Polarus Capreolus 3D multi-client project in the Roebuck basin off Western Australia in mid-January.
The area includes Phoenix South-1 oil discovery. The survey area will cover the majority of the four exploration permits making up the Phoenix area: WA-435-P, WA-436-P, WA-437-P and WA-438-P.
Polarcus used its 12-streamer vessels, the Polarcus Amani and Polarcus Asima, that operated in tandem in order to maximize production.
Apache is the operator of WA-435-P and WA-437-P with a 40% interest. Partners include Carnarvon (20%), JX Nippon (20%) and Finder Exploration (20%).