SINGAPORE: Catalist-listed energy company Rex International Holding announced its wholly owned unit, Rex Bonaparte Gulf, will acquire a 30 per cent participating interest in the offshore WA-488-P licence in Western Australia from a wholly owned unit of oil and gas company MEO Australia at “ground floor terms”.
WA-488-P is located in the Petrel Sub-basin between the producing Blacktip gas field and the undeveloped Turtle and Barnett oil discoveries. It spans 4,074 square kilometres.
The Beehive prospect, located in 40 metres of water, was identified as a potential giant oilfield, with total gross unrisked prospective recoverable resources of 926 million stock tank barrels (MMstb) (P50) in the lower carboniferous and the ordovician formations.
Chief executive Måns Lidgren said in a statement: “Initial due diligence analyses of the Beehive prospect in WA-488-P using Rex Virtual Drilling are encouraging and consistent with MEO’s geological assessment. However, as the prospect is covered only by 2D seismic data, albeit of high quality, the partners agree that doing a 3D seismic survey will enable further de-risking of the prospect ahead of the drilling scheduled to take place at the earliest in late 2016.
