The Basin is possibly the fourth-largest remaining gas resource in Australia
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The Company has secured exploration acreage over a new, high-impact offshore petroleum basin.
The estimated recoverable gas resources could make it the fourth-largest remaining gas resource in Australia, covering over 7,500 sq km in shallow, 70m waters and only 150 km from shore.
The largest currently known remaining 2P gas reserves and 2C gas resources are in the Bonaparte/Browse and Northern Carnarvon/Roebuck Basins for conventional and the Bowen/Surat Basins for coal gas seams.
In terms of energy equivalency, the Company estimates the licence could have more than 6 Billion barrels of oil (equivalency), with the First Prospect of 1.7 Billion barrels of oil (equivalency).
Many large petroleum traps identified
Australia is realising that it needs more Natural Gas
Chris Bowen MP - Minister for Climate Change and Energy (Australia) - 17 November 2023 at the Western Australia Energy Transition Summit.
“… there will be a need for gas as a supporting fuel and feedback for industrial and commercial users … and as the Bass Strait gas field depletes, new sources are going to be required to underpin reliability and security.” [sic]
Madeleine King MP - Minister for Resources and Minister for Northern Australia - 17 November 2023 at the Western Australia Energy Transition Summit.
“… Last month Prime Minister Anthony Albanese and I were in the United States for historic talks on critical minerals and rare earths. These talks put Australia’s resources sector at the hear of US policy making…”
“… to lock in Australia’s role as a source of the critical materials the US will need its energy and defence programs.”
“And we can’t process critical minerals without gas. We will also need gas to support our energy network for a long time to come as coal generation drops out.”
“… the gas industry is concerned about the pace of approvals and the uncertainty around consultation processes… Work is underway in Government to address these issues.” [sic]
“As well as conducting a review to make sure our offshore regulations are fit for purpose, the Government is also working on its Future Gas Strategy to map out the role of gas in our economy into the future as we drive toward net zero.”
Key Messages from AEMO’s 2024 Gas Statement of Opportunities
The 2024 Gas Statement of Opportunities published by the Australian Energy Market Operator (AEMO) forecasts that the most populous southern regions of Australia experience increasingly large gas shortages from as soon as 2026 to beyond 2043 with the demand-supply differential becoming greater indicating a definite need for more gas supply. The AEMO report makes the following very disturbing statements:
“New investment is urgently needed if gas supply from 2028 is to keep up with demand ………”
“Potential small seasonal supply gaps are forecast from 2026, ahead of annual supply gaps that will require new sources of supply from 2028.”
“Risks of shortfalls are also forecast from 2025 on some days …………”
“In northern Australia, more investment in currently uncertain supply will be required from 2026 to meet LNG export and domestic supply requirements.”
“As Australia transitions to a net zero emissions future, gas will continue to be used by Australian households, businesses and industry, and support the reliability and security of the electricity sector.”
“While household and business gas consumption levels are forecast to decline over the period to 2043, this is anticipated to be outpaced by reductions in domestic gas supply.”