The company this week completed its 500 square kilometre 3D seismic survey over the Epenarra Prospect in its wholly-owned Timor Sea exploration permit NT/68.

The survey will be used to determine the optimum location for the Heron-2 appraisal well.

The company yesterday said a new independent study by IPSA Consulting on the prospect had revealed a “strong possibility” of high levels of associated levels (liquefied petroleum gas and condensate) in the gas-bearing structure.

“This means a potential for significant commercial quantities of liquids,” managing director Chris Hart said.

“Epenarra could contain an in-place condensate resource of at least 650 million barrels.

“In the best-case scenario, where the gas is generated solely from the Echuca Shoals Formation immediately below the reservoir, indications are that the gas could contain up to 300 barrels of liquid hydrocarbons per million standard cubic feet.”

He said a “worst-case” scenario would still indicate that the gas could contain up to 120bbl of associated condensate per million standard cubic feet.

The estimated most likely in place gas contingent resource (P50) for Epenarra is 5.6 trillion cubic feet.

Methanol also said it had begun a 2D seismic survey over the Blackwood prospect yesterday.

The Compagnie Generale de Geophysique Group vessel will acquire about 60 line kilometres of infill 2D seismic over the prospect, which will be combined with the extensive 1997 2D grid already over the permit, it said.

Complete acquisition of the new 2D data is expected to take eight days.