Octanex seeks to retain Ascalon gas discovery off Western Australia

Offshore staff

MELBOURNE, Australia – Octanex has declared the location over the Ascalon gas discovery offshore Western Australia in the Bonaparte basin. The company intends to seek a retention lease on the area.

Ascalon is 465 km (289 mi) west of Darwin in water depths of less than 100 m (328 ft), and about 60 km (37 mi) 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.

The Ascalon-1A well, located about 200 m (656 ft) off the crest of the structure, intersected a gross gas column of 146 m (479 ft). 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 8.5 m (28 ft) 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 the market conditions at that time.

08/04/2015

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