Octanex makes first Ascalon step (Australia)

Octanex has declared the location over the Ascalon gas discovery in Southern Bonaparte Basin, offshore Western Australia, where the company intends to obtain a retention lease.

The Ascalon gas accumulation is located approximately 465km west of Darwin in water depths of less than 100m, and about 60km from the Ichthys to Darwin pipeline.

The location covers 11 graticular blocks within the WA-407-P petroleum exploration permit, in which Octanex has 100% interest.

Driller in 1995 by Mobil, the Ascalon-1A discovery well recovered gas to surface, proving the presence of a large dry gas accumulation within sandstones of the Late Permain, Cape Hay Formation of the Hyland Bay Subgourp.

The Ascalon-1A well, located about 200m off the crest of the structure, intersected a gross gas column of 146m. The discovery has been subsequently mapped on the Acalon 3D Marine Seismic Survey, acquired by Octanex in 2012, and on reprocessed vintage 2D seismic data.

The Ascalon Location also encompasses the separate discovery made by the Saratoga-1 well, which encountered an 8.5m gas column in the overlying Early Cretaceous, Sandpiper Sandstone Formation.

The company has said that the commerciality of the Ascalon gas discovery will be determined by further engineering assessment and future gas market conditions adding that a retention lease work programme will be designed to analyse and monitor both of these factors.

Octanex’s COO, Rae Clark, said: “The declaration of a location over the Ascalongas discover is a key first step in positioning Octanex as a future participant in the growing global LNG market. This will be enhanced if Ascalon can take advantage of its close proximity to the Ichthys gas pipeline to Darwin, or other nearby undeveloped gas accumulations. The next step is to secure a retention lease over Ascalon to enable Octanex to retain its interest in the discovery.”

[mappress mapid=”2313″]