1st Quarter 'APEDA' Report 2005

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Highlights

• A total of eight discoveries were reported in the March quarter 2005.
• Offshore, four gas, one oil and one oil and gas discoveries were made. Gas discoveries were at Hurricane and Falcone in the Carnarvon Basin, Grayling in the Gippsland basin and Halladale in the Otway Basin. Oil was discovered at Hadda in the Perth Basin, with oil and gas at Albert in the Carnarvon Basin.
• Onshore, there were two discoveries, oil at Coolum in the Eromanga Basin and gas at Champagne Creek in the Bowen Basin.
• The overall level of exploration drilling in the first quarter of 2005 at 32 wells is above last years first quarter of 23 wells.
• Offshore drilling activity of 22 wells is the highest March quarter drilling activity for several years. Drilling occurred in the Carnarvon (11), Gippsland (4 ) Bonaparte and Perth (3 each) and Otway Basins (1).
• Onshore drilling activity of 10 wells is the lowest since September quarter 2003. It is 14 wells less than the previous quarter. Drilling was undertaken in the Cooper / Eromanga (3), Bowen / Surat (4), Perth (2) and Gippsland (1) Basins.
• 2D seismic survey activity decreased by about 50% compared to the previous quarter, but is higher than March quarter 2004. All the 2D seismic surveys were acquired offshore. 3D seismic survey acquisitions were comparable with the March quarter 2004, with the majority conducted offshore in both quarters.
• Offshore development completions were undertaken at Bayu / Undan in the Bonaparte Basin, and in Scalybutt in the Carnarvon Basin.
• Onshore developments were all undertaken in the Cooper/Eromanga Basin.

Drilling activity

Exploration drilling for the March quarter 2005, totalled 32 wells, 9 more than drilled during the same period in 2004, but eight less than the 40 wells drilled in the previous quarter. Offshore exploration wells drilled during the March quarter 2005 totalled 22 which is 16 more than in the March quarter 2004 and six more than in the previous quarter. Eleven of these wells were drilled in the Carnarvon Basin, four in the Gippsland Basin. Three each in the Perth and Bonaparte Basins and one in the Otway Basin. Onshore exploration wells in the March quarter 2005 totalled 10 which is 14 less than the previous quarter and seven less than the March quarter 2004. Three of these wells were drilled in the Cooper/Eromanga Basin, Two each in the Perth, Bowen and Surat Basin and one in the Gippsland Basin.

Development drilling activity for the March quarter 2005 of 21 wells is five more than the March quarter 2004 and only two less than the December quarter 2004. Offshore , the number of development wells drilled during the March quarter 2005 was only two. This is eight less than the previous quarter and five less than the same quarter last year. These wells were drilled one each in Carnarvon and Bonaparte Basins. Onshore , there were 19 development wells drilled in the March quarter 2005. This is ten more than the same quarter last year and six more than the previous quarter. Of these wells, 18 were drilled in the Cooper/Eromanga Basin and one in the Gippsland Basin.

Seismic survey activity

Offshore , there was a total of 5162 km of 2D seismic for the March quarter 2005. This was 6378 km less then December quarter 2004, and 3662 km more than in the March quarter 2004. The surveys were undertaken in the Carnarvon, Duntroon, Sorell, Gippsland and Perth Basins. 3D seismic surveys were conducted over 2940 km² during the March quarter 2005, where as there was none acquired in the previous December quarter. These surveys were conducted in the Gippsland and Carnarvon Basins.

Onshore , there was no 2D seismic acquired during the March quarter 2005. There was 400 km acquired in the previous December quarter. 3D seismic surveys were undertaken over 930 km² which is 517 km² more than the previous quarter. These surveys were carried out in the Cooper and Perth Basins.

Rig activity

The number of active rigs during March 2005 was nineteen, one more than at the end of December 2004 (18) and five more than at the end of March 2004 (14). The number of active rigs during the quarter ranged from sixteen to nineteen, with nineteen active at the end of the quarter.

Offshore, the number of available rigs during the March quarter 2005 is comparable with the previous quarter, with eleven rigs available in October and December, and nine available in November. Rig availability for the March quarter 2004 has decreased compared to previous quarters with 91% activity in both January and March. Active rigs were drilling in the Bonaparte, Carnarvon, Perth, Otway and Gippsland Basins.

Onshore, the number of active rigs during the quarter ended March 2004 varied between seven and nine, which is less than the previous quarter where was between twelve and nine active rigs. The Rig availability for the March quarter 2004 has decreased compared to previous quarters, with 69% activity in March. Active rigs were drilling in the Perth, Cooper/Eromanga, Gippsland, Bowen and Surat Basins.

Success rates

The success rates shown in Table 7 are based on the number of petroleum discoveries and new-field wildcat wells drilled in Australia onshore and offshore from 1992 to 2004. No assumptions have been made about whether a 'discovery' has proved or will prove to be commercial. Geoscience Australia defines a discovery as a well from which a measurable amount of oil or gas has been recovered and also includes those discoveries inferred from well logs.

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Publications and Reports:

• 1st Quarter 'APEDA' Report 2005