Gulf Energy Meets with Queensland Minister for Resources, Hon. Scott Stewart MP

Minister for Resources in Queensland, the Honourable Scott Stewart MP recently invited Gulf Energy Pty Limited’s (GULF) managing director to meet with him, to discuss GULF’s Q/23P project.

The Minister and his team were briefed on the project and the results of technical analyses conducted earlier this year which have considerably enhanced the Bamaga Basin’s prospectivity. The following information shared with the Minister was highlighted:

• An independent, ‘grass roots’ technical study has established that the most likely age of rocks in the Bamaga Basin target zone are the same as in the Perth Basin and Bedout Sub-basin, where commercial hydrocarbons have been discovered.

• Analysis by Schlumberger on drilling cuttings from the Duyken-1 well, not far from Q/23P, has found inclusions of mature gas (with associated hydrocarbon liquids). The only place these hydrocarbons could have come from is the Bamaga Basin. This has markedly increased the Probability of Success for a petroleum discovery at Q/23P’s Lion Prospect.

• Based on the above, the potential gas volumes one could expect to find at Lion and in Q/23P have significantly increased.

The Minister recognised the Q/23P project’s gas potential and showed support for GULF’s groundbreaking exploration. He acknowledged that a commercial gas discovery at Q/23P could substantially benefit energy consumers in Queensland and eastern Australia.