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Origin Energy Reports Beetaloo Basin Drilling Results Indicate Material Gas Resource

Source: www.gulfoilandgas.com 2/15/2017, Location: Not categorized

Exploration in the Northern Territory’s Beetaloo Basin has progressed, with the fourth of five Stage 1 wells spudded. This follows the completion of extended production testing at the Amungee NW-1H exploration well of the 'B Shale' member of the Velkerri Formation in the onshore Beetaloo Basin. Origin has also undertaken a resource study based on Amungee NW-1H well results and other key wells in the Beetaloo Basin including regional seismic data.

Key report and study points:
Drilling and seismic results across more than 10,000km2 illustrate the continuity of the Velkerri Formation shale gas play over a large area
The “B Shale” member of the Velkerri Formation is interpreted to be the most continuous of the three individual targets within the Velkerri Formation shale gas play
Production test data from Amungee NW-1H, an approximately 1,100m in-zone horizontal well with 11 fracture stimulation stages across approximately 600m of the lateral section, confirms the ability of the Velkerri Formation “B Shale” to flow gas following hydraulic fracture stimulation
Origin has prepared a Contingent Resource estimate (Table 1) using probabilistic methods and reservoir evaluation data, in addition to regional seismic data.

Origin CEO Integrated Gas, David Baldwin, said: 'Origin is pleased to confirm it has submitted a report to the Northern Territory Government that indicates the existence of a material gas resource within the Beetaloo Basin. The Beetaloo Basin is the Territory’s most prospective onshore basin for unconventional gas and our test results further confirm the region’s outstanding shale gas potential. Further exploration and appraisal activity will be required to progress our understanding of the play and mature the contingent resources to reserves,' Mr Baldwin said.

On 14 September 2016, the Northern Territory Government implemented a moratorium on hydraulic fracturing of unconventional gas reservoirs. The moratorium will remain in place until the Government has considered the outcomes of a comprehensive independent scientific inquiry into the social and environmental impacts of hydraulic fracture stimulation.

BEETALOO JOINT VENTURE: Origin Energy (Operator) **: 35%; Sasol Petroleum Australia: 35%; Falcon Oil and Gas: 30%

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