Permit Summary

ATP 549P is located within the north-western area of the Queensland Eromanga Basin. The permit consists of two blocks, ATP 549P W (West) and ATP 549P C (Cyprus). Drillsearch ownership is 66.67% in ATP 549P W and 40% in ATP 549P C.

The area around ATP 549P W consists of the Yamma Yamma Depression to the east and Farrars Syncline to the northwest.  The Currale dome lies within the northern area of the permit, with an extension running north-south through the permit.  The Morney anticline lies north-east of the permit.

Previous wells drilled in the area have intersected oil shows in many of the target formations, however, no commercial discoveries have been made in the permit.  The Cook oil discovery is on the southern extension of the Curalle Anticline to the south and is a good analogue to use in the exploration of ATP 549P W.

ATP 549P C is located to the east of the Yamma Yamma Depression and the Windorah Trough and to the south of the Ullenbury Depression. The Harkaway sub-anticline lies within the permit. This block is adjacent to the Bunya and Thylungra gas fields in the northeast and to the Cocos and Mt Howitt gas fields in the south-southwest.

ATP 549P was initially granted on 13 April 1993 and was transferred to Drillsearch in 2003. The permit was renewed several times and the current term expires in April 2013.

Recent Activity

The 600km² Kaden seismic survey that was undertaken across both ATP 539P and ATP 549P was awarded to WesternGeco who have deployed their proprietary 'Uniq' 3D seismic acquisition system which incorporates some of the most advanced technology currently available to the onshore seismic industry. Prior to conducting the 3D seismic survey, the area was subject to Work Area Clearance which was performed by the Mithaka people as the Traditional Owners and Native Title Claimants for this area within South West Queensland.

This fairway remains in the early stages of the exploration cycle with the Company hopeful of demonstrating a similar play concept to what has been proved so successful on the Western Flank Oil Fairway.