Armour Energy Provides Update on Enterprise North Prospect, PEP 169 in the Otway Basin

Source: 9/28/2022, Location: Not categorized

The Directors of Armour Energy Limited (AJQ) are pleased to provide the attached presentation regarding the recently identified Enterprise North prospect, located within Petroleum Exploration Permit (“PEP”) 169 in the onshore Otway Basin, Victoria.

- Enterprise North Prospect is fully evaluated and drill ready based on reinterpreted and merged 3D seismic data.
- On trend with the Beach Energy Enterprise-1 discovery (161 PJ OGIP1, 3.2km south) and Cooper Energy Minerva Field (558 BCF OGIP, 9.6km south).
- Seismic anomalies within the Enterprise North Prospect are indicative of a gas filled trap, filled to the spill point in the highly productive Waarre sandstone reservoir.
- A liquids-rich gas discovery of 25 bbl/MMscf, similar to Beach Energy’s Enterprise-12, will add significant additional value to the prospect
- Enterprise North holds a prospective resource of up to 419 Bcf of gas in place and10 MMbbl condensate in place.
- Planning phase for the drilling and testing of the Enterprise North prospect is underway.

PEP 169 is 51% owned by the Company (and operator) with Lakes Blue Energy NL, holding 49% of the permit. The Enterprise North prospect is well located relative to existing gas distribution infrastructure and with the potential to be monetized quickly in the expected case of a commercial discovery.

The Enterprise gas field was discovered by Beach Energy in 2020 (BPT ASX release 10 November, 2020) and contains a 2P reserves estimate of 161 PJ of sales gas and 4 MMbbls of condensate– (BPT ASX release 15 February, 2021).

Following the recent completion of reinterpretation of merged 3D seismic, the Enterprise North prospect has been identified as a drill ready target. The JV is now rapidly progressing the various workstreams to enable the drilling of the prospect.

These activities include; Environmental and regulatory approvals; native title and landholder access agreements; procurement of long-lead items and contracting of the drilling rig and ancillary services.

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