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- Second lifting of 422 barrels from Emu Apple oil field completed
- Next lifting likely early-to mid-July
- Operational condensate and acid wash of Emu Apple-1 planned next month
- Historical anomalies identified over and beyond main Emu Apple field
Australian Oil Company (ASX:AOK) is ramping up oil and gas production growth at its Surat Basin operations in central Australia with a number of activities.
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Recent successes have included a second lifting of 422 barrels from the Emu Apple oil field, the addition of planned wellbore acid and condensate washes and identification of new exploration targets in licence PL 264.
The company is also progressing Riverslea and Major gas field development plans alongside commercial negotiations.
As part of the growth plans, Riverslea crude samples sent to Intertek with a revised later development plan (LDP) for the field to include restart of the Riverslea-3 well and potentially Riverslea-1, incorporating exploration upside and updated commodity pricing.
MD, Kane Marshall, said mapping and modelling of gas volumes at the Major gas field is nearly complete with commercial gas sales negotiations maturing alongside resource work.
“The immediate focus is understanding the Major opportunity, with direct line of sight to gas markets and no weakness in gas prices in Eastern Australia, and boosting production from existing wells,” Mr Marshall said.
“Juniors with high-value, low-cost exploration and development inventories are well positioned. The next few months will be pivotal as we execute these strategic objectives and capitalise on the work completed over the past year. Timing is everything in capital markets.”
As part of reviewing all legacy data across its assets, geophysical and geological data in the form of airborne audio electromagnetics using passive transient pulse (AEM-PTP) survey data has identified anomalous areas in the northern part of the PL 264 licence where there is little to no seismic control.
Previous geochemical iodine survey work over and away from the Emu Apple field has also yielded anomalies warranting further follow up.
The anomalies in the data are to be integrated into the database with 2D seismic as part of the future exploration target inventory being assessed across all the Surat Basin assets.
Mr Marshall said these exploration methodologies are also being considered in other commercial transactions on other opportunities both within the Surat Basin and other jurisdictions in Australia.
AOK is steady at 0.3ยข. Mkt cap $4.733M.
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