Drillsearch’s production comes from the Tintaburra Joint Venture (Drillsearch 11%) which consists of a number of Production Licences (PLs) and the exploration licence ATP 299P and the Chiton Oil Field (Drillsearch 60%) which was discovered in August 2009. the Chiton-1 discovery well has been completed for production and was the first commercial oil discovery in PEL 91. Chiton has a production facility capable of handling 7,000bbls of fluids per day.
The recent oil exploration drilling program in PEL 91 discovered four new oil fields which are likely to be processed through the production facility at Chiton. There is scope to increase the size of the Chiton production facilities in the future or look at other alternatives.
The flooding in the Cooper-Eromanga Basin has hampered Drillsearch’s production capacity by limiting road access to the Chiton Oil Field for transporting oil production to market. It is anticipated that the floods will recede during December quarter 2011 and that Chiton production will resume in the March quarter 2012.
The Tantanna to Moomba crude oil pipeline has been shut down for repairs due to corrosion and is expected to be back in service by November 2011. While the line is being repaired, the PEL 91 crude production is currently being trucked to Moomba for evacuation.
Drillsearch share of the proved and probable reserves and contingent resources as of year 2010-2011 total is 12.14MMboe.
| Area | 2P | 2C |
| Cooper/Eromanga Basin | 8.49MMboe | 3.65MMboe |
| *Audited by Gaffney, Cline & Associates | ||
| PROJECT: | OIL WEST FLANK | Tintaburra |
| BLOCK: |
PEL 91 |
ATP 299 |
| EQUITY: | 60% | 11% |
| LOCATION: | South Australia | Queensland |
| BRIEF DESCRIPTION: |
PEL 91 covers part of the south-western flank of the Patchawarra Trough. The block was initially awarded in February 2002. First oil producing well Chiton-1 was online as of January 2010.
The 5-well drilling program has concluded with four out of the five wells drilled classified as successfully discoveries. |
ATP 299 field is located in south western Queensland. The block comprises of 13 producing fields. Water flooding has been implemented in five fields (Endeavour, Mulberry, Talgeberry, Cranstoun and Gimboola) with a total of 20 active injection wells. The remaining fields are currently on primary recovery. |
| DEVELOPMENT SCHEDULE: | The Joint Venture expects field production to commence in March quarter 2012 from the success of the 5-well drilling program. | The Joint Venture is planning to drill up to 10 additional wells following the success of an aggressive drilling program in the year 2006 - 2007 that focused on the optimisation and recovery in the Greater Mulberry area and along the Talgeberry - Endeavour trend. Oil from Tintaburra is transported by pipeline through the Santos operated oil transport system to Port Bonython via Jackson and Moomba. |
| CURRENT PRODUCTION: | Cumulative oil of 0.04MMbbl | Cumulative oil of 15MMbbl |
| RESERVES (2P): | 0.08MMboe | 0.78Mmboe |
| CONTINGENTS (2C): | - | 0.28MMboe |
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