SOUTH AUSTRALIAN COOPER BASIN EXPLORATION OPPORTUNITIES - 2004

Elinor AlexanderPetroleum Group PIRSA

April 2004

SOUTH AUSTRALIAN COOPER BASIN EXPLORATION OPPORTUNITIES - 2004

Elinor AlexanderPetroleum Group PIRSA

April 2004

Petroleum and Geothermal Tenements

Petroleum and Geothermal Tenements

Exploration licence (onshore)

Exploration licence (offshore)

Work program exploration application

Over the counter exploration application

Production licence

Petroleum tenements

Geothermal tenements

Exploration licence

Exploration licence application

Potential release area

Proven trends in the Cooper and Otway

Potential for giant oil in the Officer

Potential for significant oil discoveries in the outer Eromanga, Arrowie and other basins

Evermore expeditious land access

High success rates and short cycle time to production in Cooper

Infrastructure

Data access

Acreage available

Geothermal energy

Competitive fiscal regime

Native Titleand Petroleum

licences

Native Titleand Petroleum

licences

Native Title Claimant Area

Aboriginal lands

Petroleum exploration licence

Gazetted release area

Potential release area

Native Title Access Agreements in SA

• Right to Negotiate process in SA now leverages on 39 existing agreements over 26 PELs and 2 PELAs

• SA Native Title agreements are full cycle (conjunctive)

• Agreements have been accepted as fair to the registered Native Title claimants and are demonstrably sustainable with respect to development

• Details of all agreements are available to the public via PIRSA’s website www.petroleum.pir.sa.gov.au

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1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

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2

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14

Total Expl + Appr + Dev Wells

Nos. Cooper Operators

27 new PELs + PPLs

27 PELs surrender 33% to 50% of areas

Surrender of PELs

5&6

2002-3 New PELs Full-cycle native title access agreements

Find sizes up to: - 3.4 MMBBL oil - 50 BCF + liquids

Cycle time to oil production < 6 mo.

High success rates

Popular!!

SA Drilling - actuals and forecastSA Drilling - actuals and forecast

Cooper Basin oil success rates Cooper Basin oil success rates

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0 50 100 150 200 250 300 350 400 450

OIL EXPLORATION WELL COUNT

OIL

DIS

CO

VE

RY

CO

UN

T

MOOMBA 104

ACRASIA 1

STRZELECKI 3

57% Geologic Success: 12 of 21 wildcats found new pools

42% Economic Success: 9 new fields vs 21 wells (5 with pay stacked)

Increased pace of success

Long-offset seismic to pick crests

Cooper acreage releases

Cooper acreage releases

Cooper Basin Sub-crop limit

MOOMBA

CO2003–A(bids close July 2004)

CO2004 - TBA

CO2003-A: Currently open for bids

Oil and gas plays

CO2004-A: Nappamerri TroughBirkhead/Hutton oil playOne block, release at EABS2 Bids close ~ mid 2005

Permian limit

Triassic limit

Oil Pipeline

Gas Pipeline

CO2003-ACO2003-A

CO2003-A

Cooper margin oil and gas plays

Warburton Basin shelf plays

Structural and stratigraphic traps

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