Prefontaine made the application some time ago prior to his move onto the Arrow Energy board, and said he would be farming out his option over the block, to avoid any possible conflict of interest.
VicPet (80%) said PEL 104 is considered highly prospective for Jurassic and Permian oil and gas in view of its immediate proximity to producing oil and gas fields and the presence of prospective Permian and Jurassic sections within the major portion of the block.
PEL 104 covers an area of 1,069 square kilometres and is immediately adjacent to the Tirrawarra Oil Field, the largest oil field in the Cooper Basin and onshore Australia with estimated recoverable reserves of 70 million barrels of oil and 340 billion cubic feet of gas. The block is also immediately adjacent to the Fly Lake Oil & Gas Field and surrounds the Callabona Jurassic oil field production licence.
The partners bid a firm three year work program of 2 wells, 120 kilometres of 2D seismic and 1330 kilometres of seismic reprocessing as part of its firm work program with an overall work program of 5 wells, 270 kilometres of new seismic and 1,550 kilometres of seismic reprocessing.
The permit has only been drilled four times previously and has over 2000 kms of 2D seismic and 12 km2 of 3D seismic on file.
PEL 104 adds to VicPet's existing south west Queensland assets, in ATP 589P.
