Cooper Basin focused oil & gas exploration company Real Energy Corporation Limited provided Friday this progress report for its maiden exploration well, Tamarama-1, in the Queensland Cooper Basin ATP 927P, Australia.
Electric logs have been recorded and preliminary wireline log interpretation in integration with mudlog gas readings and drill cuttings have indicated the presence of gas saturated Permian Toolachee and Patchawarra formations section at the Tamarama-1 location. The petrophysical evaluation, using conservative 8 percent porosity cutoff for pay calculation, indicates the well has encountered 69 feet (21 meters) of net sandstone gas pay (from gross 144 feet or 44 meters) in the Toolachee Formation and 216 feet (66 meters) of net sandstone gas pay (from gross 397 feet or 121 meters) in the Patchawarra Formation.
Tamarama-1 is located approximately 167 feet (51 meters) downdip from the Cocos-1 Permian gas well and outside any seismically mapped structural closure. Tamarama-1 will be cased and suspended for future flow testing.
Managing Director of Real Energy Scott Brown commented “Real Energy believes that basin centred gas exists in the Toolachee and Patchawarra formations in our acreage. We listed our Company on the ASX and raised funds to prove up this concept and designed our exploration program accordingly. Real Energy is the first oil and gas player to drill in this area outside structural closure, attempting to prove up basin centred gas play in this area.
We are very excited by the results received to date on Tamarama-1, which appears to confirm our understanding of the basin centred gas in this area. Tamarama-1 was drilled as a proof of concept well. While it is still early days in our exploration effort, Tamarama-1 success has provided us a very encouraging result as it proves our geological concept that gas saturated Permian Toolachee and Patchawarra formations section is present in our acreage outside any structural closure and most likely in the form of the unconventional continuous basin centred gas play.
If our geological model of a basin centred gas play proves to be correct, then the gas accumulation is likely to be extremely large. AWT International, the Independent Geologist that was engaged as part of our ASX listing process and provided a report in the company’s prospectus, estimated that the gross mean petroleum initially in place for the Toolachee and Patchawarra was 10.2 trillion cubic feet of gas in our acreage.
Due to the encouraging result with Tamarama-1, we have decided to commit to drilling our next well Queenscliff-1. Queenscliff-1 will further advance our knowledge of this exciting play within our acreage.”