MEO Australia annonce Blackwood gas well discovery
MEO Australia Limited (ASX: MEO) submits this drilling report for the period ending 1100 hours March 11, 2008. Blackwood-1 was spudded at 1830 hours (ACST) on February 1, 2008 in Exploration Permit NT/P68.
The rig has successfully completed a series of logging runs, including the recovery of hydrocarbons to surface by MDT (Modular Dynamics Testing) down-hole sampling. Additionally, a number of core samples through the column have been obtained. The gas, core samples and log data are currently being analysed by specialist petrophysical contractors. Initial gas analysis conducted on the rig has confirmed that the gas is relatively dry and contains CO2 levels in the 25% to 30% range (very similar to Evans Shoal gas), which is eminently suitable for methanol production.
Given the recovery of hydrocarbons to surface and strong electric log evidence of a hydrocarbon column in the Plover sandstone formation of the Blackwood structure, formal declaration of a discovery pursuant to clause 34 of the Petroleum (Submerged Lands) Act 1967 has been made to the Designated Authority.
The Blackwood-1 well has been plugged and abandoned as planned and MEO expects the rig to be released later today. Blackwood-1 was drilled by Seadrill’s West Atlas jack-up rig. The Blackwood-1 wildcat well is being 100% funded as a sole risk, exclusive operation by MEO.
Blackwood-1 well is being drilled to test the Blackwood Prospect targeting Middle Plover sandstone reservoirs on a northeast – southwest trending tilted fault block at the hingeline between the Sahul Platform and the Malita Graben.
The Blackwood Prospect at Top Plover Formation appears to be a tilted fault block closure located immediately northwest of the Wonarah-1 well (Shell -1997). The areal relief on the closure is approximately 115sq km and a vertical relief of 145m. MEO has interpreted the available 2D seismic data over the Blackwood Prospect incorporating existing 2D data acquired by Shell in 1996 and the new Blackwood 2D seismic data acquired in 2006 with improved the depth conversion by using the seismic PSDM velocities from tomographic inversion of seismic data. An independent assessment of risk indicates the probability of geological success at 32%.
