With the survey still operating ahead of schedule, Methanol Australia today said it has now begun processing the data, which it says is of excellent quality, on board the vessel.

Processing will include pre-stack depth migration to ensure the optimum results for the development of fault and fracture distribution mapping, required to determine the best drilling location for an appraisal well.

“The results of specific basin modelling have supported the view that Epenarra consists of a contingent resource having a condensate to gas ratio of between 120 and 30 barrels of condensate per million standard cubic feet (MMscf) of gas,” Methanol Australia said earlier this month when the survey began.

“Based on 120bbl/MMscf and a most likely contingent resource of 5620 billion cubic feet, Epenarra could contain in-place condensate (light oil) of approximately 675 million barrels.”

Methanol holds a 100% interest in NT/P68, containing the Epenarra Prospect, which lies immediately west of Tassie Shoals.

Meanwhile, the Melbourne-based company said it had executed letters of intent with Stella Shipping International and Coogee Resources to secure the West Atlas jack-up drilling rig for a minimum 12 months.

Methanol said the new rig, currently being built in Singapore, is scheduled to arrive at Heron-2 on the Epenarra structure in its exploration Permit, NT/P68 in August next year.

The West Atlas is expected to drill the Heron-2 appraisal well and the Blackwood-1 in NT/P68, with an option for a further well, Methanol said.