Australian Armour Acquires QGC Interest in Surat Basin

Australian explorer Armour Energy has acquired QGC’s interest in ATP 647 on the Roma Shelf, Surat Basin of Queensland in eastern Australia taking its stake in that licence to 100%. ATP 647 is located immediately to the east of Armour’s PL 227 and its Myall Creek field.

“With Armour now holding 100% of ATP 647, the business will be able to further expand the mature, but undeveloped, wet gas conventional and tight wet gas plays in Permian and Triassic reservoirs of the Bowen-Surat Basin,” Armour said May 31.

Last month, Armour announced independently verified 2P petroleum reserves (net to Armour) of 56.8 petajoules of gas for its Roma Shelf, Surat Basin assets. The Myall Creek field contains estimated gas reserves of 42.1bn ft³ (or 44.4PJ).

The existing Myall Creek East 1 well, located in the southwest corner of block ATP 647, is currently suspended and is considered a candidate for stimulation and potential connection into the Myall Creek field gathering system and compressor station.

QGC is a wholly-owned Shell subsidiary. Armour has one of the largest shale gas acreage positions in Australia plus a strategic interest in Lakes Oil which is currently barred from developing gas onshore Victoria.

Shardul Sharma