Pilot also has the Harrier and Hawk gas prospects immediately south of Leander, which provide it with additional, nearby exploration targets.
The company has the added luxury of three promising oil targets that sit southeast of Leander on the structural trend near the Cliff Head oil field and the Xanadu oil discovery, which encountered hydrocarbons when drilled in 2017.
The combined targets of Babbler, Brahminy and Cliff Head S-W are estimated to contain prospective oil resources totalling an estimated, recoverable 66M barrels.
The permit area also contains the Dunsborough contingent oil resource (2C) of 6M barrels and the Frankland contingent gas resource (2C) of 42B cubic feet of gas.
Pilot believes the expanded resource is likely to significantly increase interest from third parties when the company begins the farm-out process. It plans to target potential partners to help fund its upcoming Eureka 3D seismic survey and future drill programs.
Recently revised mapping of the reprocessed 2D seismic data set has resulted in a remapped structure at Leander, indicating a four-way dip trap or anticline, with an increased closure height, thickness and higher confidence level.
Access to open files has allowed Pilot to conduct a volume analysis on its targets following an extensive review of onshore gas wells, including Waitsia and Lockyer.
The analysis has supported the company’s working theory that there are three sandstone reservoirs.
The company believes the stacked sandstone formation has considerably improved the reservoir’s potential to trap and store hydrocarbons, increasing its possible target volumes.
Pilot’s boosted prospective gas resource may enable the company to bring some valuable dollars in the door from funding partners, reducing its future exploration costs and helping it to retain cash for other promising projects.
Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au
