UIL Energy upgrades prospective resources at Walyering field in Australia

BRISBANE -- The Directors of UIL Energy Ltd. have announced the progress achieved at Walyering gas field, located in the southern part of EP447, in Australia's Perth basin.

As background, UIL Energy and Pancontinental Oil and Gas NL signed a farm-in agreement and joint operating agreement where Pancontinental agreed to fund up to $2.5 million for a 3D seismic survey and earn a 70% working interest in four graticular blocks within EP447.

Pancontinental has continued with efforts under the farm-in agreement to earn a working interest and right to operate in the Walyering project area within UIL Energy’s 100% owned EP447. Key project updates include the following:

• Upgraded gross prospective resources with a Best Estimate Prospective Resource of 63 Bcf (low estimate of 10 Bcf and high estimate of 226 Bcf) with associated condensate of 1.2 MMbbl; and
• Progressed environmental government approvals and land access arrangements for circa a 90-km² 3D survey scheduled for November 2018.

The focus for Pancontinental is on the evaluation of the previously discovered Walyering gas field, where three of four historical wells encountered gas within multiple Jurassic age sands, with the best-tested unstimulated zone flowing initially at 13.5 MMscfd.

In the event that the 3D data supports the size of the gas field compartments consistent with the current mapping, the parties will consider drilling of at least one appraisal /development well in 2019.