Based on seismic and geological data collected and assessed by a Texas-based prospect research company, Entek said the Cascade prospect, located within the block, was at drillable status and had been estimated to contain 10-20 billion cubic feet of gas equivalent.
As the highest bidder for the block, Entek agreed to spend a total of $US460,088 in exploration costs.
“Geologic control is through the numerous tests in the area exhibiting good reservoir characteristics, with seismic control utilising Western Geco 3D over the prospect,” Entek said.
“Analog production of 215 billion cubic feet of gas equivalent cumulative surrounds the Cascade prospect.”
Entek added that the prospect was well placed for access to infrastructure, with a gas pipeline on the block, an oil pipeline 6 miles (9.66km) away, and an oil and gas platform with processing facilities nearby.
