WA-482-P Offshore – Carnarvon Basin, Australia

About the Permit

WA-482-P was granted to Liberty in 2012. It is a 3.2 million acre permit situated in the offshore Carnarvon basin of Australia. It is situated north of the giant Janz Field operated by Exxon. It has resource potential estimated in the 2.8 billion barrel category.

It was farmed out by Liberty to Karoon who subsequently joint ventured 50/50 with Apache as Operator for US$9 million upfront cash payment and carry for 90% of one exploration well capped at US$63 million. In 2014, Apache Corp. announced a major oil discovery with its Phoenix South-1 well, drilled 110 miles north of Port Hedland in 435 ft of water in permit WA-435-P of Australia’s offshore Canning basin. The company estimated as much as 300 million bbls of oil could be in place.

This block was recently acquired by Santos via an acquisition of Quadrant (acquired Apache’s Interest) with Karoon maintaining its 40% equity. Currently a 2300 square km 3D seismic is being acquired over the eastern area of the permit. WA-482-P is highly prospective for oil and gas with an independently assessed NET un-risked prospective resource Best Estimate is 1,117 mmbbls (6 prospects) from less than a third of the 13,539 square kilometer permit area.

Description

Original Block size: 3,200,000 acres
Location: Carnarvon/Browse Basins
Under Farm-in Contract: Karoon/Santos (Liberty retained ORRI)
Wells Drilled: 1
Potential Prospective Resource: 2.8 BBO
Permit Grant Date: 2012