Western Gas secures funding for Sasanof-1 off WA
Sydney-listed Western Gas has reached an agreement with Global Oil and Gas to fund 50% of the drilling costs for the Sasanof-1 exploration well offshore Western Australia, it said on September 7.
The Sasanof-1 exploration well is in WA-519-P about 207 km northwest of Onslow, Western Australia, and is scheduled to drill in Q1 2022. Independent assessment by ERC Equipoise of the Sasanof prospect estimates a 2U prospective resource of 7.2 trillion ft3 gas and 176mn barrels of condensate, with a 32% chance of success, Western Gas said. The high case 3U prospective resource estimate is for 17.8 trillion ft3 gas and 449mn barrels of condensate.
|
Advertisement: The National Gas Company of Trinidad and Tobago Limited (NGC) NGC’s HSSE strategy is reflective and supportive of the organisational vision to become a leader in the global energy business. |
The agreement will see Global fund 50% of the cost of drilling the Sasanof-1 exploration well through a 25% acquisition of Western Gas (519 P) Pty, the licence holder for WA-519-P. Western Gas has secured the Valaris MS-1 rig to drill the well. Drilling will start at the earliest in February 2022, subject to approvals, with an estimated total campaign duration of 25 days.
Western Gas has contracted specialist well engineering and drilling management company AGR Australia to manage the Sasanof drilling campaign. Drilling costs are estimated at US$20mn.
“A discovery of the estimated size of Sasanof will provide multiple gas supply opportunities, including domestic gas, LNG backfill and expansion, and new value-adding industries,” Western Gas executive director Will Baker said.