ATP 539P – Queensland Cooper Basin

Drillsearch 100% (Subject to farm-in interest)

Project Summary

ATP 539P is located south west of Queensland and in the Cooper Basin. It is strategically positioned on the western flank as the hydrocarbons migrate to the west and out of the adjacent basin deep (depocentre).

ATP 539P was initially granted on the 29 January, 1993 and was renewed for a further four year term from the 1  February, 2005. The permit has recently expired on the 31 January, 2009 and an application for renewal over a reduced area was lodged in December 2008.

ATP 539P and ATP 549P (West Block) are positioned adjacent to each other and both include the regional Curalle Anticline. The Curralle Anticline has the trend which dominates the western margin of the Cooper Basin. Its shape is a very large structural high and is a regional focal point for the hydrocarbons to migrate. Hydrocarbon migration appears from both the Arrabury Trough to the south and southwest and secondly the Windorah Trough toward the east.

Geological studies suggest that hydrocarbons migrating out of the deepest portions of the Cooper Basin would move up-dip and congregate in structures along the western flanks, similar to those occurred at the Inland Oil Field. Another supporting concept includes the hydrocarbons moving progressively westward and into the higher structure. Examples of these concepts includes the gas occurrence at McKillop 1 well, a significant 50m interpreted palaeo-oil column at Wyerie 1 well in ATP 549P and in locations structurally down-dip (lower) than the Curalle Anticline in southern ATP 539P.

Recent Activity

In 2008 Joint Venture parties acquired the 89 km Planet Downs 2D seismic survey. The survey enclosed the Planet Downs lead, the sub-culmination on the Curalle Anticline downdip from the Curalle 1 well and as far as the sources encouraging migrating hydrocarbons.

In 2009 Planet Downs 1 exploration well was drilled on the Curalle anticlinal structure. The well had oil shows in several formations but log analysis indicated uneconomical net pay. The well was plugged and abandoned on 7 March 2009.

The ATP 539P Joint Venture parties are encouraged by the oil shows encountered in the Planet Downs 1 well and shall review the well results before deciding on future activity in the permit, which is likely to consist of further seismic acquisition to begin with.