Cornea – Appraisal

Greater Cornea Fields, Browse Basin, Australia

18.75% interest, Operated by Cornea Resources Pty Ltd

The Greater Cornea Fields (being the Cornea (Central and South), Focus and Sparkle Oil Fields and the Cornea North (Tear) Gas Field) are located in the Browse Basin, offshore from Western Australia and held via a retention lease (WA-54-R) granted for an initial 5-year term in 2014.

The oil volumes in the Greater Cornea Fields are such that, if threshold production flow rates can be demonstrated, but dependent on oil price, the economics should be attractive and provide a reasonable expectation of commercial development.).

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The current work program consists of studies aimed at overcoming technical challenges likely to be faced in bringing the Greater Cornea Fields into commercial production and as a lead up to the drilling of a production test well in 2018.

Field History

The Cornea oil and gas accumulation was discovered by Shell within the early exploration wells Cornea-1, 1B and 2. The wells are considered to have established the presence of a 25m gas column and a 22.2m oil column in the Albian sandstones of the Jamieson Formation. The field is a large drape feature. It accumulated 22 to 24 degree API oil derived from Early Cretaceous, Echuca Shoals Formation and possibly Late Jurassic source rocks in the Heywood Graben, located over 60km to the west. The field is split into three main structural components Cornea South and Cornea Central, both with gas and oil, and Cornea North with gas and no underlying oil presence.

In December 2009, Octanex participated in the Cornea-3 well which was drilled into the known oil and gas accumulation by the Songa Venus semi-submersible rig. The objectives of the Cornea-3 well were to define the location of hydrocarbon contacts and obtain data on the potential reservoir qualities of the Middle Albian and Lower Jamieson Formation.

The well penetrated the targeted Middle Albian and Lower Jamieson Formation B and C sand reservoir interval (2.2 metres deeper than predicted) but, as planned, just below the predicted gas oil contact.

The well was then deepened to penetrate exploration targets in the Early Albian and Aptian of the Lower Heywood Formation, before terminating at a total depth of 910.6m MDRT. The data obtained while drilling indicated the intersection of a hydrocarbon bearing column in the Middle Albian, Lower Jamieson Formation. The secondary exploration targets in the Lower Heywood Formation did not contain hydrocarbons.

Cornea Browse area Location Map - May 2015

PURSUING NEAR TERM PRODUCTION EXPANDED STRATEGY