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Perth, Sep 10, 2014 AEST (ABN Newswire) - Perth-based oil and gas explorer WHL Energy (
ASX:WHN) (WHLRF:OTCMKTS) believes the results of the La Bella 3D seismic survey have exceeded the company's expectations and highlights the potential for a standalone gas development for the broader VIC/P67 exploration permit in the offshore Otway Basin, Victoria.
The Company has revealed that a portfolio with some 14 prospects with total best estimate prospective resources of 1,044 Bcf of gas and 31.2 MMbbls of condensate and LPGs has been mapped on the fully processed volume of the La Bella 3D seismic survey.
The survey data was acquired during November / December 2013 in the VIC / P67 exploration permit (WHN 40% operator and AWE Ltd's subsidiary Peedamullah Petroleum holds 60%)
A group of 4 prospects were mapped on the Ferrier Terrace immediately west of the La Bella field that are characterized by stacked structurally conforming amplitude anomalies (Mylius, Mylius West, Ferrier and Ferrier South).
According to WHL Energy, these prospects have low geological risk and best estimate prospective resources for these features total 196 Bcf sales gas and 6.2 MMbbls of condensate and LPG, in addition to the La Bella discovery with a 2C Contingent Resource of 74 Bcf sales gas and 2.4 MMbbls of condensate and LPG.
Importantly, these low risk prospects - in combination with the La Bella field - could form a core gas development in VIC/P67 with successful exploration drilling.
A further range of prospects have been mapped and Best Estimate Prospective Resources for these features total 665 Bcf sales gas and 19.8 MMbbls of condensate and LPG.
WHL Energy managing director David Rowbottam said the successful exploration drilling of key prospects could result in sufficient resource volume to support a standalone VIC/P67 project development.
"The results of the La Bella 3D seismic survey have exceeded our expectations and it is exciting for our shareholders that the broader VIC/P67 project now has the potential for standalone gas development.
"VIC/P67 lies adjacent to the existing Otway Basin gas development projects and successful exploration of the low risk amplitude supported prospects in combination with La Bella could form the basis of a VIC/P67 development through this existing infrastructure."
Mr Rowbottam said there was strong demand for domestic gas on the east coast of Australia and believes the conventional VIC/P67 prospective resources may provide a cost competitive gas supply to these markets.
The company is now working with its joint venture partners in the drive to prioritize and mature two prospects for drilling in 2015.
To view the video interview, please visit:
http://www.abnnewswire.net/press/en/78095/whl-energy
About WHL Energy Limited
ASX-listed WHL Energy Ltd (ASX:WHN) (OTCMKTS:WHLRF) is an emerging oil and gas company with high value assets in Australia and the East African region. The company's "flagship" assets are its "ready-to-develop" La Bella gas and condensate field off the south coast of the Australia within the VIC/P67 acreage and a large petroleum exploration acreage position, held at 25% equity, off the southern coast of the Republic of the Seychelles.
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