Enovation Resources Acquires Exploration Permits Offshore Western Australia
Enovation Resources, an oil & gas exploration, development and production Company, is pleased to announce it has acquired a [10%] interest in two exploration permits; WA-379-P and WA-380-P, in the Bremer Sub-Basin, offshore Western Australia. The Company’s joint venture operating partner, Arcadia Petroleum Ltd, holds the remaining [90%] interest in the licenses.
Encouraging results from recent seismic surveying and sea bed sampling analysis covering both permit areas, has revealed working petroleum systems with high potential for large oil and gas accumulations with structure conformable DHI’s (Direct Hydrocarbon Indicators) in water depths of less than 1000m. The surveying was carried out by Geoscience Australia.
Under the terms of the exploration permits, Enovation and Arcadia have agreed to fulfill the existing permit work program obligations, comprising 2D seismic acquisition in the primary term and Controlled Source Electromagnetic (CSEM) surveying and two exploration wells in the secondary term. The use of risk reducing CSEM technology will further delineate and prove up the prospects prior to drilling.
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