In a corporate presentation, the Perth-based mid cap said its team of geoscientists had so far identified 20 prospects, which were now being high-graded from the “very extensive” high-quality data.
Arc’s Canning Basin program is due to kick off in late July with drilling of the relatively high-risk Valentine prospect, which has the potential to yield up to 1 trillion cubic feet of gas plus 200 million barrels of oil.
A discovery of this size would transform all the companies involved, especially junior partners Empire Oil & Gas, First Australian Resources, Pancontinental Petroleum and Emerald.
But the company admits that Valentine is a long shot and an extensive, multi-well drilling program will probably be needed to crack the Canning.
In addition to Valentine, Arc has released P10 reserve estimates for four Canning Basin prospects in which it holds a 100% stake.
It estimates the Yulleroo prospect to contain a potential 332-900Bcf of gas, and 17MMbbl of oil.
It said the Ungani prospect could deliver a further 260-700Bcf and 19 MMbbl.
Drilling at Valhalla would target 14-33MMbbl of oil, while Utopia has 9-21MMbbl.
