4 Well Programme

Background & Objectives

Although the company has spent considerable time over the last 18 months working with various potential joint venture and funding partners, with improving market conditions and sentiment, it was considered opportune for Petrel to realise maximum upside, to look to fund the next stage of appraisal in its own right. This will take the form of a four well drilling programme based in large part on addressing questions raised during the JV process and continual upgrading of the geological model. Notwithstanding the feedback from the partner process the general objectives of the drilling programme are:

  • confirm source rock maturity, quality and extent – “resource upside”
  • confirm conventional reservoir quality and extent – Darcy permeability (>1000md) already measured in core samples 30km apart
  • confirm migration and potential trap integrity - while not the primary objective 3 of the 4 wells are also targeting structures for oil and gas trapped in either the same sequence or up-dip of oil shows and/or weeping core samples
  • confirm validity of AVO anomalies identified on seismic

In summary the objective is to drill four wells as cheaply as possible and cover as much of the concession area as possible while targeting multiple and different objectives within and across each well.


Figure 1. Idealised cross section along basin axis


Figure 2. Four proposed wells extend SE/NW across both concessions

Achar E - 2 well

This well is a very low cost opportunity to confirm oil migration and test/calibrate the magnetotelluric data set.

Well objectives:

  • Cordobes shale quality and development
  • Testing oil migration in highly (+1000md) permeable sands up dip of Achar E-1 corehole
  • Devonian OOIP P90 = 460MMB

Cerro Padilla - 1 Well

This well is designed to confirm the reservoir potential of the Tres Islas sand and Permian source rock at shallow depth.

Well objectives:

  • Drill on same fault block but up dip of Cerro Padilla E-1 corehole which encountered 3m of Tres Islas sandstone with flowing fluorescence to confirm potential oil charge
  • Permian source rock quality
  • Permian Tres Islas OOIP P90 = 21MMB

Panizza - 1 Well

This well will test a very large regional structure with multiple source rock and reservoir targets. It importantly presents a shallow opportunity to test the very thick (300 metres) Devonian Cordobes shale sequence.

Well objectives:

  • Test largest regional high with 4-way dip closure
  • Confirm extent, quality and maturity of Devonian source and reservoir rock
  • Test quality and maturity of secondary Permian source rock - Mangrullo Shale
  • Devonian OGIP P90 = 796BCF & OOIP P90 = 996MMB

 

Shallow AVO - 1 Well

This well will test a shallow AVO prospect which has been identified by several seismic lines. AVO’s significantly de-risk exploration and can become a very successful exploration tool when calibrated for local geology.

Well objectives:

  • Test shallow AVO prospect identified by several seismic lines
  • Confirm and refine thermal maturity model
  • Establish potential of additional targets
  • NSAI certified P50 prospective resource of 240bcf

AVO is favourably:

  • coincident with sandstone unit
  • Beneath potential shale/seal
  • Between potential sealing faults