Pilot reveals study results from Carnarvon basin permit offshore Australia

Offshore staff

NEDLANDS, Australia – Pilot Energy has confirmed the potential of oil discoveries on its WA-507-P permit in the Exmouth Plateau area of the Carnarvon basin offshore northwestern Australia.

Pilot Energy says that Gaffney, Cline & Associates has reviewed three exploration leads and has found them to offer a 70% probability of gas and 30% probability of oil.

Gaffney’s best estimate of prospective oil reserves in the three leads is 764 MMbbl, 381 MMbbl, and 436 MMbbl, respectively, using the Monte Carlo calculation method.

WA-507-P covers 1,622 sq km (618 sq mi) about 300 km (186 mi) offshore in water depths of 1,000 to 1,500 m (3,281 to 4,921 ft).

10/21/2015

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