3rd Quarter 'APEDA' Report 2004

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Highlights

• A total of six discoveries were reported: Offshore at Wheatstone (gas) in the Carnarvon Basin, Onshore at Agonis (gas) and Centella (oil) both in the Perth Basin, Rookwood South (oil) in the Surat Basin and at Smegsy (gas) and Willowie (gas) both in the Cooper/Eromanga Basins of South Australia.
• Overall exploration drilling in the first nine months of 2004 (97 wells) is above the low levels of drilling in the same period over the last few years. Offshore drilling activity (11 Wells) in the September quarter is six wells less than in the preceding June quarter and the same as in the September quarter 2003 Onshore drilling activity for the September quarter (20 wells) is above the levels achieved in preceding September quarters in the last few years and in the first nine months of 2004 there were a total of 62 wells drilled, a significant increase over the historically low levels achieved in recent years.
• 2D Onshore seismic survey activity improved over the previous quarter as did marginally 3D Onshore activity. Offshore 2D seismic activity recommenced during the September quarter following no reported activity in the preceding June quarter. Offshore 3D seismic survey acquisition in the September quarter fell significantly from the preceding June quarter.
• Offshore development completions occurred at Bayu Udan in the Bonaparte Basin, Yolla in the Bass Basin, Mutineer, Bambra, Wanaea in the Carnarvon Basin and continued at Marlin in the Gippsland Basin. Onshore development activity occurred at Palm valley in the Amadeus Basin, Baryulah and Wellington in the Cooper/Eromanga Basins and at Hovea in the Perth Basin.

Drilling activity

Exploration drilling for the September quarter 2004, 31 wells were drilled, 13 more than drilled during the same period in 2003 and is eight less than the 39 wells drilled in the previous quarter. Offshore exploration wells drilled during the September quarter 2004 totalled 11 which is the same as the September quarter 2003 and six less than in the previous quarter. Nine of these wells were drilled in the Carnarvon Basin and one each in the Bass and Bonaparte Basins. Onshore exploration wells drilled during the March quarter 2004 was 20 which is two less than the previous quarter but 13 more than the September quarter last year. Twelve of these wells were drilled in the Cooper/Eromanga Basin, four in the Surat Basin, two in the Perth Basin and one each in Gippsland Basin and Gunnedah Basin.

Development drilling activity for the September quarter 2004 of 28 wells is seven more than the previous quarter (21) and is the same as the same period last year. Offshore , the number of development wells drilled during the September quarter 2004 (14) is four more than the previous quarter and eight more than the same quarter last year. These wells were drilled in the Carnarvon (7), Bonaparte (4), Gippsland (2) and Bass (1) Onshore , development wells drilled in the September quarter (14) is one less than the same quarter last year and three more than the previous quarter. Eleven wells were drilled in the Cooper/Eromanga Basin, two in the Amadeus Basin and one in the Perth Basin.

Seismic survey activity

Offshore , there was a total of 7012 km of 2D seismic acquired during the September quarter 2004. For the June quarter 2004 and the also the September quarter 2003, no 2D seismic was acquired. The surveys were undertaken in the Bonaparte and Browse Basins. 3D seismic surveys recorded 1120 km² in the September quarter 2004 which is 1712 km² less than recorded in the previous quarter. No 3D seismic was acquired in the same period in 2003. The surveys were undertaken in the Carnarvon Basin. Onshore , a total of 909 km of 2D seismic were acquired during the September quarter 2004. This is 343 km more than in the previous quarter. These surveys were undertaken in the Cooper Basin of South Australia, the Gunnedah Basin of New South Wales and the Surat Basin of Qld. 3D seismic surveys were undertaken over 428 km² which is slightly more than the 393 km² in the previous quarter. These surveys were carried out in the Surat and Darling Basins.

Rig activity

The number of active rigs during September 2004 was fourteen, one less than at the end of June 2004 (15) and two less than at the end of September 2003 (16). Rig activity during the quarter ranged from thirteen to sixteen, with fourteen rigs active at the end of the quarter. Offshore, the number of available rigs during the September quarter 2004 was slightly down on the previous quarter, with seven for July and August and six in September. The June quarter 2004 had eight for each month. Active rigs were drilling in the Bonaparte, Carnarvon, Bass and Gippsland Basins. Onshore, the number of active rigs during the quarter ended September 2004 varied between seven and ten, which is greater than the same period last year of six to ten. The total number of inactive rigs for the September quarter remained steady at nine.

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 1990 to 2003. 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.

• 3rd Quarter 'APEDA' Report 2004