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West Erregulla is a material standalone conventional gas prospect with prospective volumes up to 1.6TCF of gas with similar characteristics to the Waitsia field.
Warrego (ASX:WGO) farmed out 50% and operatorship of the permit in 2018 to Strike Energy in return for an AU$11M drilling programme investment which saw the well spud in May 2019. Subsequent seismic reprocessing by Strike revealed higher resource estimates and an additional tertiary drilling target which have confirmed the asset’s status as a tier 1 conventional gas prospect.
Warrego (ASX:WGO) are targeting conventional sandstone gas reservoirs on 94,000 acres. The Almarchal-1 well drilled in 1956 is the discovery well of what is very likely a large by-passed gas field. It was drilled by the Spanish firm Valdebro and intersected a thick section of possible gas pay which upon testing flowed gas to surface. The well is located 3km from the North African Maghreb gas trunkline providing ready access to high priced European gas markets. Under a share purchase agreement signed in mid-December 2017 up to 49.9% of the Tesorillo Project will be sold to AIM listed Prospex Energy Plc. Sale proceeds of €2.05m will be used by Warrego to fund its share of an agreed Tesorillo work programme (estimated at €3.8m) which includes agnetotelluric programmes (MT) and if successful, a well to target the Almarchal-1 discovery drilled in 1956. Netherland, Sewell and Associates (“NSAI”) have independently certified an unrisked Prospective Resource of up to 2.3 TCF (1,946 BCF 85% net to Warrego reducing to 1,147 BCF 50.1% net to Warrego upon completion of Prospex Share Purchase agreement) for the Tesorillo Project.
In March 2019, Warrego Energy (ASX:WGO) exercised a call option over 100% of STP-EPA-0127 which on final grant will be 2.2m acres (8,700 square kms) and will be the largest exploration permit in the Perth Basin.
STP-EPA-0127 is in the Coolcalalaya Sub Basin (central-northern part of the Perth Basin) and is underlain by up to 6,000 metres of upper Palaeozoic sediments ranging in age from Permian to Devonian.
EPA-0127 is 130km north of the Mitsui - Beach Perth Basin Waitsia play which has re-invigorated Perth Basin exploration and development and is the largest onshore conventional gas discovery in Australia for the last 40 years.
Negotiations with the relevant indigenous communities have taken place over a number of years and are expected to be concluded during 2020.
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