Amplitude Energy preparing to develop Juliet-1 gas discovery off Victorian coast

Amplitude Energy (ASX: AEL) has suspended the Juliet-1 well ready for development as part of the East Coast Supply Project off the Victorian coast.

Earlier this week Juliet-1 penetrated the primary Waarre C reservoir target and reached a Total Depth (TD) of 2,299 metres after identifying the presence of hydrocarbons.

Preliminary drilling and logging data recorded elevated gas readings in the Waarre C reservoir (intersected at 2,129 metres TVDSS). These gas peaks coincided with elevated resistivity readings observed on Logging While Drilling (LWD) tools, consistent with probable hydrocarbon presence.

The Waarre C sandstone exhibits a gross gas-bearing interval of at least 60 metres, which includes 49 metres of interpreted high-quality net pay in line with other Waarre C reservoirs in offset fields. The gas water contact is currently interpreted as being below TD. Results to date are in-line with pre-drill expectations of reservoir quality and thickness.

A subsequent formation evaluation program via wireline logging was conducted with preliminary data collected to date implying excellent reservoir quality, with high deliverability and low CO2 levels.

Juliet-1 is an exploration well in the Offshore Otway Basin located in permit VIC/L24 within Commonwealth waters, adjacent to the existing Casino, Henry, Netherby (CHN) pipeline. Amplitude Energy is operator and 50% interest holder in VIC/L24 with O.G. Energy holding the remaining 50% interest.

Amplitude Energy and JV partner O.G. Energy have approved the completion of Juliet-1, which will be followed by a clean-up of the well.

Juliet-1 was targeting 48.8 billion cubic feet (bcf) in gross mean prospective resource from a Waarre C reservoir target.

The Juliet prospect is supported by high Waarre C reservoir amplitudes, and a clear ‘flat spot’ at approximately 2,300m True Vertical Depth Sub-Sea (TVDSS) implying gas-water contact, both of which contribute to a probability of geological success of 84%.

AEL was up 0.28% to $1.81. Mkt cap $539.7M.

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