Australian Oil Company Ltd. has advanced its production and exploration activities across the Surat Basin, completing a crucial second oil lifting and uncovering fresh exploration targets.
The company wrapped up its second lifting of 422 barrels of crude from the Emu Apple Oil Field under its commercial agreement with IOR Energy.
While the lifting was slightly delayed due to unscheduled maintenance at the Eromanga Refinery, Australian Oil expects realised pricing to remain steady, averaging around AU$151 per barrel despite minor currency and market fluctuations.
Australian Oil is now planning an operational wellbore condensate and acid wash at Emu Apple-1 next month. The targeted procedure is designed to clear paraffin blockages and boost well productivity ahead of the next scheduled crude lifting in mid-July.
Alongside steadying production, the company has identified new exploration upside within the Emu Apple tenure (PL 264). A comprehensive review of legacy data revealed historical airborne audio electromagnetic and geochemical iodine anomalies extending well beyond the current field footprint, pointing to untapped potential in areas lacking modern seismic control.
Development plans are also accelerating at the Riverslea Field, where crude samples have been dispatched to Intertek for mandatory assaying. The results, expected within a fortnight, will underpin ongoing commercial sales negotiations.
AOK is currently revising its Later Development Plan to incorporate the restart of both the Riverslea-3 and Riverslea-1 wells.
Meanwhile, mapping and volumetric modelling at the Major Gas Field (PL 512) are nearing completion. The data suggests the shut-in Major-4 well can be brought back into cyclical production to manage water levels and tap into the strong East Australian gas market.
“The immediate focus is understanding the Major opportunity, with direct line of sight to gas markets and no weakness in gas prices in Eastern Australia, and boosting production from existing wells,” said Kane Marshall, Managing Director of Australian Oil.
“The next few months will be pivotal as we execute these strategic objectives and capitalise on the work completed over the past year. Timing is everything in capital markets.”
