Origin Reduces Reserves Estimate for Yolla Gas Field Offshore Victoria

Origin Energy, operator of BassGas Joint Venture in permit T/L1, has announced reduction in the estimated original gas in place for Yolla field based on new data obtained from the recently drilled Yolla-5 and Yolla-6 development wells.

“Interpretation of log and pressure data obtained from Yolla-5 and Yolla-6 has resulted in a reduction in the estimated original gas in place for the field, although further technical work is required to validate this estimate,” AWE Limited, a partner in the JV said.   

Whilst recognising the need for further analysis, AWE has chosen to adopt the preliminary reassessment of the operator and reduce its share of reported remaining 2P Reserves for the  Yolla field by 5.5 mmboe, down to 13 mmboe (as at 30 June 2015).

“After the recently announced 19.3 mmboe increase in 2P Reserves in the company’s Sugarloaf project, the Yolla reduction represents 5% of the company’s total remaining 2P Reserves of approx. 100 mmboe,” AWE said.  

AWE’s Managing Director, Bruce Clement, said, “The updated reserves at Yolla will result in less gas production later in the field life, but overall it is not expected to have a material impact on production or cash flow during the next three to four years. We anticipate production from the field will increase to a rate close to the facilities’ capacity of 67 TJ/day, once the Yolla-5 and Yolla-6 development wells are brought on-stream.  AWE will now consider accelerating development feasibility studies for the Trefoil field in adjacent permit T/18P to determine if its 2C Contingent Resources of 17 mmboe (AWE share) can be developed earlier as an incremental project to Yolla production.” 

The BassGas project consists of the Yolla offshore well head platform connected by pipeline to the gas processing facility at Lang Lang, Victoria. The Yolla platform is located in Bass Strait, approx. 140km offshore from Kilcunda, Victoria.