Western Gas Secures Funding for Drilling of Sasanof-1 Well

Source: www.gulfoilandgas.com 9/7/2021, Location: Not categorized

Western Gas has reached agreement with Global Oil and Gas to fund 50% of the drilling costs for the Sasanof-1 exploration well.

The Sasanof-1 exploration well is in WA-519-P in Commonwealth waters about 207 km northwest of Onslow, Western Australia, and is scheduled to drill in Q1 2022.

Independent assessment by ERC Equipoise (ERCE) of the Sasanof Prospect estimates a 2U Prospective Resource of 7.2 Tcf gas and 176 Million bbls condensate (P501), with a 32% Chance of Success. The high case 3U Prospective Resource estimate is for 17.8 Tcf gas and 449 Million bbls condensate (P10).

The agreement will see GLV fund 50% of the cost of drilling the Sasanof-1 exploration well through a 25% acquisition of Western Gas (519 P) Pty Ltd, the licence holder for WA-519-P.

The Sasanof Prospect is on trend and updip of the Mentorc Gas and Condensate Field and nearby the Giant Gas Fields of Scarborough and Io-Jansz in the Carnarvon Basin. The liquids rich, low C02 Mentorc Field is the eastern fault block and is 'filled to spill' into the updip Sasanof Prospect to the west.

Western Gas has secured the Valaris MS-1 rig to drill the well. Drilling will commence at the earliest in mid-February 2022, subject to approvals, with an estimated total campaign duration of 25 days. Western Gas has contracted specialist well engineering and drilling management company AGR Australia (AGR) to manage the Sasanof drilling campaign.

Sasanof-1 will be a vertical well and drilled to a total depth of approximately 2500 m in 1070 m of water, providing a low cost, high impact exploration activity in a known and proven hydrocarbon province. Drilling costs are estimated at US$20 million.

Will Barker, Executive Director, Western Gas, said:

'We are delighted to have GLV on board to support this important drilling campaign that, on success, has the potential to be a game changer for the North West Shelf at a time of declining production and expected gas shortages.

'A discovery of the estimated size of Sasanof will provide multiple gas supply opportunities, including domestic gas, LNG backfill and expansion, and new value-adding industries.'

About the Sasanof Prospect

The Sasanof Prospect covers an area of up to 400 km2 and is on trend and updip of Western Gas’ liquids rich Mentorc Field.

Sasanof is a large, seismic amplitude supported, structural-stratigraphic trap in the high-quality reservoir sands at the top of the Cretaceous top Lower Barrow Group formation on the Barrow Delta within the Exmouth Plateau.

ERCE estimates the Sasanof Prospect to contain a 2U Prospective Resource of 7.2 Tcf gas and 176 Million bbls condensate (P50), with a high case 3U Prospective Resource estimate of 17.8 Tcf gas and 449 Million bbls condensate (P10).

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