Bamaga Basin: Exciting Giant ‘New Basin’ Opportunity Missed by Others
- The Bamaga Basin is a ‘new’ basin whose existence was confirmed by Gulf Energy in 2012.
- Q/23P (7,522 km²) covers the best parts of the underlying Bamaga Basin.
- Bamaga Basin sediments are believed to be of an age (Palaeozoic) known for prolific petroleum generation in North America, Central and Eastern Europe, the Middle East and China.
- Gulf Energy has delineated at least 9 traps capable of trapping large volumes of oil and/or gas.
- Petroleum micro-seep indications identified on satellite imagery provide support for an active petroleum system.
- Q/23P’s potential has been independently endorsed by leading international experts Gaffney, Cline & Associates
Gulf Energy’s Q/23P project has many compelling features:
- Q/23P has large prospective resources already identified – multi-tcf gas upside potential.
- Numerous large ‘conventional’ targets (up to 200 km2 in area).
- Presence of hydrocarbons inferred from multiple hydrocarbon micro-seep indications – satellite imagery analysis.
- Possible gas indicators (‘flatspots’) identified on seismic.
- Leading experts, Gaffney Cline & Associates have independently endorsed Q/23P’s prospectivity.
|ACCESS & ENTIRETY
- Q/23P is offshore, under Commonwealth jurisdiction. No state ‘holdups’.
- No land access (e.g. Native Title) issues.
- No fracking issues.
- Because Gulf Energy holds all of the Bamaga Basin it can execute a comprehensive, coordinated approach to exploration and development.
- The Bamaga Basin has the potential to be a key gas supplier to eastern Australia.
- Large, drillable targets could help meet impending east coast Australia gas shortfalls.
- Potential to also provide energy for development of northern Australia (2015 White Paper).
- Close to shore (100-150 km) + shallow water (60-70 m) + reasonable target depths (≤4,000 m) = lower costs & faster development. Gas production is economic here. Gaffney Cline & Associates have estimated very low capex + opex.
Gulf Energy plans to drill the first exploration well (3195-1) on Prospect 3195, a huge four-way dip closure covering 200 square kilometres in area, with the potential to hold several trillion cubic feet of natural gas or hundreds of millions of barrels of oil.