Australia's WHL Energy Updates Gas Reserves for Otway Basin Permit

Australian energy firm WHL Energy Monday reported best estimate Prospective Resources of 1,044 Bcf of gas in the VIC/P67 exploration permit in the offshore Otway Basin, Victoria.

The permit has a portfolio of some 14 prospects. The La Bella 3D Seismic Survey also provided total best estimate Prospective Resources of 31.2 MMbbls of condensate.

The survey data was acquired during November-December 2013.

WHL is the operator with 40 percent interest while remaining 60 percent is owned by AWE Ltd’s, subsidiary Peedamullah Petroleum.

Company's Managing Director, David Rowbottam, said, “The results of the La Bella 3D seismic survey have exceeded our expectations and it is exciting for our shareholders that the broader VIC/P67 project now has the potential for a standalone gas development. VIC/P67 lies adjacent to the existing Otway Basin gas development projects and successful exploration of the low risk amplitude supported prospects in combination with La Bella could form the basis of a VIC/P67 development through this existing infrastructure.”

WHL Energy is now working closely with JV partners in the drive to prioritise and mature two prospects for drilling in 2015, this being the next step in the path to commercialisation for VIC/P67.

The company continues to note the strong demand for domestic gas on the east coast of Australia and believes the conventional VIC/P67 Prospective Resources may provide a cost competitive gas supply to these markets, WHL said.