Australia’s liquids production has been in decline for over a decade and options for discovering new oil fields are limited.  Progress has been made in the Bedout sub-basin by Carnarvon and Santos and the development of the Dorado Field will provide much needed, strategic oil production for Australia.

 

In addition to the large onshore gas discoveries, the Perth Basin offers the potential for material oil discoveries.  In the coastal areas and into the offshore realm, rich Permian source rocks were deposited and matured over a wide area.  Combine these with the multiple clastic reservoirs penetrated in many of the offshore wells and the scene is set for commercial success.  Only 23 wells have been drilled in the offshore Perth Basin, an area covering more than 100,000 square kilometers.  No exploration wells have been drilled in the offshore since 2015 and the basin is a classic, under-explored, over-looked province, fitting Sea Dragons Strategy perfectly.

 

Sea Dragon has completed an extensive review of exploration wells drilled in the onshore and offshore. This study has provided valuable insights and well defined critical factors required for commercial success.  The study allows all previous exploration wells results to be explained and understood with a few very simple methodologies. The conclusions of the analysis of previous drilling, contrasts markedly with prevailing assumptions currently carried by the Industry and previous operators.  Applying these methodologies to the rest of the offshore has identified multiple area where all the critical factors are present or likely to be present, enabling de-risking of the geological and commercial COS (chance of success).  Sea Dragon has delineated several areas which offer very material oil prospective resources, in shallow water, and never drilled!

 

Sea Dragons’ work in ongoing and we expect to identify many more areas to fit our strict criteria for success.  The work offers the chance to completely transform the basin and result in the discovery of high value, low break-even barrels to further secure Australia’s energy aspirations and be less reliant on overseas supplies of oil during the energy transition.

 

Sea Dragon is also progressing work which will allow future discoveries to be developed in a carbon neutral way, with the evaluation of Scope 1 & 2 GHG emissions for the base developments and identifying offsets which will, in the event of exploration success, offer Australia first carbon neutral oil field developments