PERTH (miningweekly.com) – Emerging oil and gas explorer WHL Energy was looking for a partner to potentially develop its La Bella gasfield, off the Victorian coast, following a review.
A detailed review of the seismic and geological data of the La Bella project had enabled a more thorough understanding of the field and the surrounding exploration projects, WHL said on Wednesday.
A detailed analysis of potential development concepts was also completed, which demonstrated the significant value of the La Bella field and nearby exploration assets. The project is estimated to contain a 2C contingent resource of 114 PJ of gas along with an inventory of exploration prospects with a total prospective resource of some 670 PJ of gas and eight-million barrels of condensate.
The total mean contingent and prospective resource at La Bella amounted to some 786 PJ of gas and ten-million barrels of condensate.
“The result of the integrated technical work programme, coupled with the forecast for strong East Coast energy demand, continues to strengthen the commercial attractiveness of La Bella,” said WHL Energy MD Steve Noske.
He noted that the company was pleased with the progress of La Bella, and was excited by the recent work that confirmed the economic attractiveness of developing the project.
“To this end, we are proceeding with the commercialisation of the resource and have updated the data room with the latest technical work. WHL Energy is seeking companies to participate in the upcoming three-dimensional seismic and exploration drilling campaign.”
Noske added that a decision on what form a farm-out agreement could take, and how much equity WHL would retain, would be finalised during the negotiation process.