Kimberley Oil is exiting its Canning Basin positions to focus on European coalbed methane opportunities.
Golden Dynasty to re-enter Pictor-1 and Pictor-2 wells to conduct extended production tests. It also plans to drill a horizontal well into the Nita formation (dolomitic limestone) in an offset development to the Pictor-1 well to test its productivity. If successful, the Pictor field would then be developed using horizontal drilling technology.
“Preliminary estimate of the size of the field supports the drilling of 6 to 10 horizontal wells,” said the report by Petrotech Engineering Ltd.
The company said that if production was achieved, tanking the crude from the ports of either Broome or Derby would be considered instead of trucking the crude oil to Perth. This would reduce operating and transportation costs and make the development of the field more economic.
Golden Dynasty is continuing to prepare for dual listing on the Australian Stock Exchange.
The permits in which Golden Dynasty is taking a 100% interest are: EP 371 R1; EP 390 R1; EP 391 R1; EP 428; EP 431; EP 436. It is also taking an 8% stake in EP 104 R5.
