- Tamaska Oil and Gas (TMK) certifies prospective resources at the Napoleon Prospect within the Northern Carnarvon Basin, off North-West Australia
- Independent energy consulting group ERCE completed a resource estimate and concluded the chance of geological success is 24 per cent for the main target
- The mean gross un-risked prospective resources for the target are 1528 billion cubic feet of gas and 66 million barrels of condensate
- TMK will convert its shareholding in Skye Napolean to a direct working interest and the joint-venture is planning to apply for a drilling permit
- Shares have been trading 18.2 per cent lower at 0.9 cents at 2:05 pm AEDT.
Tamaska Oil and Gas (TMK) shares have slid following results from a resource estimate completed for the Napoleon Prospect, which is within the Northern Carnarvon Basin, off the North West coast of Australia.
The prospect is part of the Talisman Deep Project in which TMK has a 20 per cent interest.
Tamaska’s interest in Talisman Deeps was acquired through the acquisition of a 20 per cent shareholding in Skye Napoleon, which holds the rights to WA-8-L below 2,700m.
Current titleholders in WA-8-L comprise Skye Energy (57.37 per cent) and Tamarind Amulet (42.63 per cent).
Independent energy consulting group, ERCE completed the report on behalf of TMK, which estimated the prospective resources and assessed the chance of geological success or discovery at the main target, 197T.
Following the assessment, ERCE concluded the mean gross unrisked prospective resources for the main target are 1,528 billion cubic feet of gas and 66 million barrels of condensate.
Additionally, it reported a 24 per cent geological chance of success.
TMK said while the assessment examined the chance of discovery, it didn’t consider the chance of development. This requires consideration of economic and other contingencies, involving appraisal and feasibility work which would need to be undertaken post discovery.
The company believes it is “too early” to properly estimate these factors. However given the location and potential size of the prospect, it expects a high chance of development upon a significant discovery.
ERCE also attributes a phase risk of 60 per cent gas and 40 per cent oil to the three prospective intervals above the 197T. These intervals are said to be significant oil targets, which add to the overall prospectivity.
Technical advisor Dariusz Jablonski said the company was delighted with the outcome which it believed confirmed a world class gas condensate target.
Moreover, he said the mean Gross Unrisked Prospective Resources for the primary target confirmed TMK’s view that the prospect was a large, exciting exploration play located in shallow water. He additionally said he believed the proximity to existing infrastructure substantially increased the potential viability.
TMK holds the right to a 20 per cent working interest in Napoleon comprising a production licence at depths below 2,700 metres which was obtained through the acquisition of a 20 per cent shareholding in Skye Napoleon.
TMK will convert its shareholding in Skye Napolean to a direct working interest under a joint operating agreement.
The companies are applying for a drilling permit and Skye Napoleon plans to proceed with a farm-out of its 80 per cent interest to fund drilling of an exploration well.
Shares were trading 18.2 per cent lower at 0.9 cents at 1:04 pm AEDT.