PEL 154 and PEL 155

PEL 155 - (Rawson Oil and Gas 75%, Operator; Vintage Energy 25%)

Rawson, through our 100% subsidiary Otway Energy, operates Petroleum Exploration Licence (PEL) 155.

  • South Australian Government PACE Gas Grant award of $4.95 million made to the Rawson-Vintage JV to drill Nangwarry prospect

  • Nangwarry is a 33 Bcf1 conventional gas and liquids prospect in the three-way dip, fault dependent trap in the proven Pretty Hill Formation sandstone.  It is considered analogous to the nearby Katnook, Haselgrove and Ladbroke Grove gas fields which have produced 70 Bcf since discovery

  • Nangwarry well will be located approximately 10 km southeast of the Katnook Gas processing facility and will not be fracture stimulated
  • Gas from PEL 155 can be delivered into the South Australian market utilising existing infrastructure

  • The Joint Venture has identified further exploration prospects in PEL 155 providing attractive follow up targets

  • December 2017 - Adjacent to PEL 155, Beach Energy announced good shows in the Pretty Hill and Sawpit Sandstone target zones at Haselgrove-3 ST1, which is now being prepared for further evaluation and testing2

 

PEL 155 Location Map
 

 

Seismic cross section, modified to show proposed Nangwarry-1 location within the Penola Trough, which comprises steep-sided E-W tilted fault blocks (modified from Boult, P.J. et el, 2004).
 
Unconventional: PEL 155 is located over the central Penola Trough, where intra-Pretty Hill Formation shales are expected to be late mature for oil or gas mature. The top of the Laira Formation is marginally early mature for oil in central Penola Trough. The formation deepens towards the south in PEL 155 where maturity is expected to increase. The Glenaire-1/ST1 well had poor to good gas shows in Laira Formation, where a short term production test in the Laira Formation recovered 16 barrels of oil (free flow and swab). Influx during test suggested a production rate of 5-20 barrels of fluid per day (bofd) was possible. The lower Eumeralla Formation is possibly early mature in southern parts of PEL 155.

PEL 154 - (Rawson Oil and Gas 100%, Operator)

Rawson, through our 100% subsidiary Otway Energy, also operates Petroleum Exploration Licence (PEL) 154.
PEL 154 comprises two separate blocks in the Otway Basin, South Australia. The eastern block is located approximately 16 km west of Mount Gambier, while the western block is located approximately 18 km southeast of Robe.
 
Conventional: Conventional prospects defined in PEL 154 target the Waarre Sandstone. The Benara Prospect has 4-way closure over 2.4km² and is mapped on good quality 3D seismic data. The Benara East Prospect is a faulted three-way dip closure over 1.7 km². The Waarre Sandstone is an important reservoir in the eastern Otway Basin and hosts numerous gas fields including the Minerva and Casino fields.
 
Unconventional: PEL 154 is well located over the Portland and St Clair Troughs to be prospective for unconventional exploration. Maturity modelling indicate the Laira, Pretty Hill and Casterton Formations are likely mature for oil and gas generation.

PEL 154 Location Map
1Best unrisked estimate of prospective resource using the probabilistic methodology. Rawson assigns a ~23% probability of success. These estimates were prepared in accordance with the requirements of the ASX for reporting petroleum reserves and prospective resources in accordance with the SPE - PRMS guidelines. The estimated quantities of petroleum that may potentially be recovered by the application of a future development project relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons.
2Beach Energy Monthly Drilling Report - November 2017