Oz Real, Strata X JV Gets Project Venus Permit
A joint venture between Real Energy and Strata X Energy has been officially granted permit ATP2051 in Queensland, Real said on March 26.
Project Venus is a 50:50 JV between Real and Strata X which now holds acreage covering 154 km2 within the main Walloon coal seam gas fairway. The permit is close to gas infrastructure including pipelines that have scope for more capacity, Real said.
“Despite recent market volatility and softening in gas prices locally, the fact remains that the east coast of Australia still has a major gas shortage with the supply/demand imbalance not being resolved anytime soon. The gas market will change significantly over the next 18 months and is likely to be in a different place when Project Venus is targeting first production,” Real Energy managing director Scott Brown said.
According to Real, there are several previously drilled wells located within and around ATP2051. One such well was Connor-1, which was cased and under-reamed but never properly flow tested.
“The company is looking to re-enter, reservoir enhance and flow test the Juandah coals in Connor-1. This low-cost re-entry flow test programme is designed to prove sufficient water flows to allow efficient dewatering and early gas flows from the fully gas saturated Juandah coal seams,” Real said.
The timing of the re-entry of Connor-1 will be announced upon entering agreements for the work with our contractors, it added.