P2428

P2428 is a 30th Round licence located to the north-east of the Crosgan discovery. Prospectivity exists at Carboniferous, Bunter Sandstone and potentially Rotliegend level. The Forbes Gas Field which produced from the Bunter Sandstone between 1985 and 1993 is located on the southern part of block 43/8. The Cupertino prospect is the key prospect identified over the licence with additional prospectivity with the Williamson Prospect.

Block Details
Licence No: P2428
Award Date: 01/10/2018 (Phase A – 3 years)
Quads: 43/7 & 43/8
Area: 477km2
Equity position: 100%

Cupertino Lead

The Cupertino Prospect is a three-way dip closed foot-wall trap structure extending across 52km2. The structure lies on the SW flank of a graben complex bounded by a NW-SE striking fault that forms a linked-lateral offset in the regional graben complex trend.

The Prospect is mapped primarily on tight 2D seismic grid however the NW closure is mapped and confirmed on 3D seismic survey. The bounding fault is a large offset fault with over 400m of throw at the crest of the structure, with juxtaposition of sand and shales.

Williamson Lead

The Williamson Prospect, identified by preceding licensees, is a Bunter Sandstone prospect located in block 43/07 and is situated up-dip from the unsuccessful well 43/7-1. The Williamson Prospect takes the form of a 3-way dip closure against the salt filled Mesozoic graben to the north. A bright, structurally conformable amplitude anomaly is observed within the prospect between 1,500m and 1,450m. The distribution of the amplitudes within the structure map indicates the potential for salt plugging adjacent to the salt wall to the NW and thereby preventing gas from moving to the structural crest.

Resource Summary

Licence P2428 contains a number of significant prospects which have a combined P50 Prospective Resource of 1464 BCF.

Licence Ref CLNR Equity Prospect Type PRMS Status Prospective Resource (BCF)
Risk Factor %
          P90 P50 P10  
P2428 100% Cupertino Scremerston Lead 149 374 787 26
Fell Lead 344 1070 2519 20
Williamson Bunter Lead 10 20 40 33

Farm-in Opportunity

Given our 100% equity position in this licence CLNR is actively looking to attract funding and / or an Operating partner to support the maturation of this asset.