| Canning Basin - Onshore Lennard Shelf Western Australia
L15 (12%) |
Joint venture partners: Buru Energy Ltd (15%), Gulliver Productions Pty Ltd (49.0%), FAR Ltd (12.0%), Indigo Oil Pty Ltd (11.5%)
Pancontinental and its co-venturers have been granted Petroleum Production Licence L15 over the West Kora-1 oil discovery well in the Canning Basin of Western Australia. The licence is for 21 years commencing 1 April 2010. The final percentage interests of the joint venture participants are yet to be resolved.
L15 covers two graticular blocks 6054 and 6126 adjacent to the R1 licence area over the Stokes Bay-1 well and the Point Torment-1 gas discovery in which Pancontinental has a 10% interest.
West Kora-1 was drilled in 1984 and produced some 20,000 Barrels of oil during an extended production test, commencing at a rate of 350 BOPD.
The L15 Joint Venture aims to upgrade the production facility and restore oil production from West Kora 1.
With improvements in technology and significantly higher oil prices, revived production from West Kora-1 could be feasible now that the Production Licence has been secured.