EP368/426 Onshore Exploration

EP368 & EP426 Exploration Permits

JV Participants
Norwest Energy 20% (EP368) and 22.22% (EP426) – held via wholly owned subsidiary (Westranch Holdings Pty Ltd)
Energy Resources Ltd 80% (EP368) and 77.78% (EP426) – Operator, a division of Mineral Resources Ltd

Exploration permits EP368 and EP426 encompass an area of some 1,725 km2 within the highly prospective “sweet spot” of the northern Perth Basin. The permits’ prospectivity has been greatly enhanced by the very significant Permian gas discoveries at Waitsia, West Erregulla and Beharra Springs Deep. In September 2021 the EP368 Joint Venture drilled the Lockyer Deep-1 gas discovery well, resulting in a very significant conventional gas discovery that flowed up to 117 mmscfd on test.

The Lockyer Deep discovery is situated just 10 kms to the north of the 2019 West Erregulla has discovery, and 15 kms due east of the giant Waitsia gas field. The structure is comprised of a three way dip feature, fault-closed to the west, with the primary Kingia reservoir targets at a depth of approximately 4,400 metres (MDRT). Reservoir quality is exceptional, as is the apparent height of the gas column at the Lockyer Deep-1 location. These factors combine to suggest that Lockyer Deep is a very large gas discovery that significantly exceeds Norwest Energy’s pre-drill expectations.

Appraisal of the discovery is targeted for October 2022, with drilling to commence initially at the North Erregulla Deep location. The Rococo 3D seismic survey is scheduled to commence in December 2022, designed to cover the full structure and adjacent exploration leads to the west with high resolution, modern seismic data.

Additional prospects and leads are present across EP368/426, including a variety of gas targets and the Greater Springy Creek oil prospect which offers up to 61 MMbbls oil recoverable (gross). The Ringneck 2D seismic program was completed in March 2022, aimed at maturing exploration leads to the southeast of the Lockyer Deep-North Erregulla Deep structure (see Area of Interest in above figure).