Blue Energy (ASX: BUL) is farming into nine large oil and gas exploration blocks covering 111,887 square kilometres in the relatively underexplored Wiso Basin, Northern Territory, held by Australian Oil and Gas.
Notably, the target marine Cambrian source rock sequence is relatively shallow, suggesting that it would be in the liquids maturation window and not as expensive to drill as other shale targets elsewhere in the world.
In addition, the underlying potential Proterozoic sequence has been shown to be hydrocarbon productive in the McArthur Basin to the northeast and could hold significant hydrocarbon potential in the Wiso Basin.
Blue also highlighted the widening attention and interest the Northern Territory sedimentary basins are receiving from domestic and international oil companies such as Statoil, Santos and Total.
Under the farm-in, Blue Energy will make an upfront cash payment to cover back costs and fund a three stage work program to earn a 50% equity position in the nine permits.
Work in the first two years, from award of the permits, is estimated at $3 million.
Following completion of the farm-in work program the parties will jointly explore the option to drill exploration wells within the permits.
The two companies are able to farm down jointly or separately at any point during the 5 year farm-in term and are open to investigating a farm down to a third party.
To date, three of the nine Wiso Basin permits have been awarded with Native Title Agreements required on the balance of the permits before they can be granted by the Northern Territory government.
Blue intends to continue the processes already commenced by AOG to obtain the remaining Native Title Agreements to facilitate award of the remaining permits.
The Wiso Basin, located northeast of Alice Springs in the central Northern Territory, is relatively unexplored with, minimal exploration and stratigraphic drilling conducted in the basin margins.
Existing data demonstrates there to be a Cambrian aged sequence present which is likely to contain widespread marine source rock potential similar to that identified in the adjacent Georgina Basin.
Blue Energy now holds interests in excess of 165,000km2 (110,000km2 net) of exploration acreage across nine different producing and prospective hydrocarbon basins within Queensland and the Northern Territory.
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