The Bonaparte Basin is a frontier basin in the north of the Northern Territory with a proven hydrocarbon system. Several large gas fields have been discovered in the basin offshore including undeveloped Contingent Resources of 2.7 Tcf in Petrel, Tern and Frigate and the producing Black Tip field (2P 933 Bcf) supplies gas to Darwin. The onshore Weaber Gas Field (RL-1, Advent Energy 100%), and surface bitumen seeps, provide direct evidence of a working petroleum system in the Keep Inlet Sub-Basin.
EP 126 is a low-cost entry with excellent exploration potential encompassing an area of 6,716 km2, hosting multiple play types, with potential for large volumes of gas and oil. Cullen-1 was drilled in 2014, with both oil and gas shows, and was cased and suspended to be available as an option to test.
Discussion with the Northern Territory Government continues in relation to the declaration of approximately 50% of the permit, including the Cullen-1 well site, as a ’Reserved Area’. No regulated activities, other than required maintenance, can be undertaken until the issue is resolved.
