Q/23P Could Hold 30+Tcf of Recoverable Gas Resources
As recently announced, Gulf Energy Pty Limited (Gulf Energy) has undertaken three studies which have yielded very important results:
Bamaga Basin Analogues Study - concluded that the Bamaga Basin (Q23/P) characteristics could be analogous to the Bowen, Perth and Bedout basins, all of which have significant oil and gas discoveries.
Duyken-1 Fluid Inclusions Stratigraphic Analysis - demonstrates that the Bamaga Basin has generated, and is still generating, gas with associated gas liquids.
Seismic Inversion Analysis Over Lion Prospect – seismic inversion analyses show that average P-Impedance drops over the crest of the Lion Prospect approximately coincident with the spill point. A drop in P-Impedance could indicate presence of hydrocarbon and porosity over the crest of the Lion Prospect.
Based on these results, an independent reassessment was undertaken by Molyneaux Advisors of the potential recoverable gas resources of the prospect and leads so far identified in Q/23P (refer to the map below).
The reassessment concluded that:
The Lion Prospect could contain 3.8 Tcf of potential recoverable gas resources (Base Case) and possibly as much as 10.3 Tcf (High Case), and
Total potential recoverable gas resources in Q/23P could be 13.2 Tcf (Base Case) and possibly more than 30 Tcf (High Case)* .
* Arithmetic summation