ATP 549P – Queensland Cooper Basin

Cypress Block: Drillsearch 40%  

ATP 549P lies in a very strategic position on the western flank of the Queensland portion of the Cooper Basin, where it is well placed to receive hydrocarbons migrating to the west out of the adjacent basin deep (depocentre). ATP 539P was originally granted on 13 April 1993 and was transferred to Drillsearch in 2003. The Permit was renewed for a further 4 Year Term from 1 May 2005 expiring on 30 April 2009. Work Commitments include seismic acquisition and a well during the current term.

ATP 549P (Cypress Block) lies adjacent to the Bunya and Thylungra gas fields, located immediately to the northeast of the permit as well as to the Cocos and Mt Howitt gas fields, located to the west and southwest.  A gas processing plant is located immediately to the southwest of the Block and pipelines traverse the Block connecting the processing centre to the Bunya and Thylungra gas fields.

The Block is dominated by a number of northwest trending fault zones. Potential reserves within the Permian Toolachee Formation for gas have been the traditional targets in this part of the Basin, with nearby gas fields attesting to the validity of this play type.

ATP 549P joint venturers are currently negotiating with the Operator and Regulator to maintain the permit in good standing and satisfy the permit conditions.

West Block: Drillsearch 25%