Daytona Energy Corp -
Daytona Energy completes evaluation of AC/P-27 permit
Daytona Energy Corp
DYT
Shares issued 2,154,508
2000-03-27 close $0.17
Wednesday Mar 29 2000
Mr. John Tarrant reports
Daytona Energy's evaluation of the AC/P-27 permit in the Timor sea, Australia,
has been completed by the operator, Arc Energy NL, in preparation for the
drilling of the Sleeper-1 well in late 2000. The company holds a 50 per cent
interest in AC/P-27.
The AC/P-27 permit lies close to existing discoveries and contains large undrilled
structures at relatively shallow depths. The water depth in the permit ranges from
50 to 100 metres ( approximately 150 to 300 feet) which is ideal for an FPSO
development similar to the existing ones in the area.
The recently completed permit evaluation incorporated the results of the Sleeper
seismic survey which was conducted in late 1999 and has identified two large
drillable prospects called Sleeper and Dooner.
The Sleeper prospect is a very large structure with the potential to hold up to 300
million barrels of recoverable oil if hydrocarbons are present.
This is an outstanding prospect for the Timor sea region and will test both the
proven regional reservoir system and a new Permian reservoir concept which has
regional prospectivity implications.
Hydrocarbon migration into the permit and at a prospect level is demonstrated by
the presence of active ALF fluorescence and gas seepage anomalies on data
acquired by the joint venture in 1998. Hydrocarbon related diagenetic zone
(HRDZ) anomalies are also seen on seismic data associated with the prospects.
The ALF anomalies have a geochemical signature similar to oil from the Talbot
field.
There are currently two rigs drilling in the region with a third due in the area in
September this year. It is planned to use one of these to drill an exploration well in
late 2000.
Prospect details
Detailed mapping of the permit has matured two large prospects to drillable status
with the proposed well located on the Sleeper prospect.
Sleeper prospect
The Sleeper prospect is a large, seismically robust feature in the north of AC/P27
in water depths of some 95 metres (312 feet). It is well controlled by 900
kilometres of 2D seismic data of which 350 km were acquired over the prospect
in late 1999.
The prospect has combined Base Cretaceous and Early Permian reservoir
objectives and the proposed total depth of the well at 1400 metres (4600 feet)
will test both objectives.
At Base Cretaceous structural level the prospect has potential to hold some 120
million barrels of recoverable oil at the Monte Carlo simulation P50 level in the
combined Cretaceous and Early Permian reservoirs.
The Sleeper prospect represents the first opportunity to test the early Permian
Cape Hay Member reservoirs where the following combination of circumstances
make them highly prospective:
The carbonates have been sub-areally exposed with the potential reservoir
development demonstrated by karst anomalies on the good quality seismic over
the prospect.
The karstified window lies within structural closure at the Base Cretaceous level.
The Permian reservoirs can be sourced from the regionally proven Jurassic source
rocks.
If the Permian reservoirs are sealed at the Base Cretaceous level by the presence
of a shale at the unconformity surface, this would form a very large structural trap
with potential to hold 170 mmbbls of recoverable oil at the P50 level and 300
mmbbls at the P10 level if hydrocarbons are present.
Dooner prospect
The Dooner prospect is a seismically robust closure in the southwestern part of
AC/P27 in water depths of some 75 metres (246 feet). The structure is a
three-way dip, closed, hanging-wall structure with fault seal against Triassic and
Permian section to the east.
Reservoirs are predicted to be shoreface to marine sandstones of the late Jurassic
vulcan formation which are excellent reservoirs in the nearby Conway-1 well.
Hydrocarbon migration to the prospect is demonstrated by positive ALF
anomalies, and a HRDZ geophysical anomaly is associated with structural spill to
the north of the prospect. The Conway-1 well, which is mapped as outside the
structural closure of Dooner and over 300 m (984 ft) down-dip from the crest of
the structure, had gas shows and minor fluorescence within porous, well-sorted
Late Jurassic sandstones.
The Dooner Prospect has the potential to hold up to 9 |
