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Wiso/Birrindudu Project
Our Wiso/Birrindudu project consists of 3 exploration permits and 6 exploration permits applications. It occupies a total area larger than 110,000 square kilometres.
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The project area is directly adjacent to Beetaloo Sub-basin, which is a proven shale-gas-rich geological province and a thriving shale gas hub. Our peers in Beetaloo, including Santos, Tamboran Resources and Empire Energy, have been making tremendous progresses in the Velkerri Shale stimulation and achieved high gas flow rate, and strong activities are being announced from a commercialisation perspective, including new gas transmission pipeline construction, the Northern Territory LNG project, and domestic gas and LNG sales agreement.
The Wiso Basin and Birrindudu Basin are one of the largest unexplored areas for unconventional shale gas in the world. Existing data including regional tectonics and basin framework, nearby offset well, outcrop, gravity anomaly, suggest a high likelihood of the Beetaloo extension into the area.
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The project is operated by Blue Energy under an JV agreement (see key terms of the agreement). The key work programs including a seismic survey, a vertical exploration well, 1-2 horizontal well for stimulation and flow test, and gas field development.
The JV is currently in preparation of the coming seismic survey.
>111,000 sqkm
Wiso/Birrindudu Project Area for exploration
>30,000 sqkm
Beetaloo Basin Core Area
>81,000 sqkm
Velkerri Shale area based on current data
Beetaloo is on fast track to commercialisation
The table above summarised all recent wells with stimulation and flow test. The results suggest the Velkerri Shale B section presents similar quality if not better as the shales that is under large-scale production, such as Marcellus Shale in the US, and Longmaxi Shale in china.
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Based on the flow test of the wells in Beetaloo, the single well (3-km stimulation) gross production revenue can be worth at least AU $200m.
16.8-18.5
Bcf
Estimated Ultimate Recovery (EUR) normalized to 20-year per 3 km stimulation
According to Tanumbirini 2H&3H flow test (Tamboran ASX:TBN ASX announcement)
16,800,000-18,500,000
mmBtu
Single well cumulative energy production per 3-km stimulation
Estimated Ultimate Recovery (EUR) normalized to 20-year per 3 km stimulation
17,700,000-19,500,000
Gigajoules
Single well cumulative energy production per 3-km stimulation
Estimated Ultimate Recovery (EUR) normalized to 20-year per 3 km stimulation
US $268m - $296m
LNG gross product revenue per 3-km stimulation well
Based on JKM LNG price index $16/mmBtu as in Dec 2023
AU $212m - $222m
Domestic gas gross product revenue per 3-km stimulation well
Based on Australian natural gas cap AU$12/GJ by 2025
Gross product value estimate based on current market and publically available data
AU $25m-30m
Well cost (drilling plus 3 km horizontal stimulation cost). The comparable per well cost is only US $3 million -$8 million in the Northern America.
AU $ 0.5/GJ
Well and Gas field operation cost
AU $3.5/GJ
$3.5 Transportation Cost to East Coast, less than $1 transportation cost to Datwin
AU $3.0/GJ
Liquefaction Cost
Cost estimate of shale gas production based on publically available data
Why our permits are prospective
Regional Tectonics & Basin Architecture
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Wiso Basin is flanked by Birrindudu Basin to the west and Beetaloo Sub-basin to the east.
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Both Birrindudu Basin and Beetaloo (Greater McArthur Basin) are largely Paleo-Meso Proterozoic sequences in age, with little sediments that are younger than Neo-Proterozoic preserved. Wiso Basin, however is covered by a Neo-Proterozoic to Paleozoic succession.
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What is under the Wiso Basin young sediments, remains unknown due to no well penetration.
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In the Paleo-Meso Proterozoic, the Isa Superbasin extends across a huge area that includes Beetaloo (McArthur), South Nicholson, Birrindudu and Tomkinson Province, correlatable to Mount Isa QLD. Given its significant influence and huge extent, it is very likely the unknown sequence under Wiso shallow sediments is part of the Isa Superbasin.
Outcrop & Nearby Well Data
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Stratigraphy of equivalent age of Velkerri Formation are identified in the outcrops in the Birrindudu Basin area
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Borehole 99VRNTGSDD1 intersected Limbunya, Wattle, Bullita,Tijunna Group, at a shallow depth of 100m-625m, which are equivalent of Roper Group in the Beetaloo area (which is up to 3km deep) .
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Borehole 99VRNTGSDD1 data: Bitumen and pyrobitumen occur in the Skull Creek and Timber Creek Formations and upper Seale Sandstone. Live oil bleeds were intersected in the lower Timber Creek Formation and upper Seale Sandstone.
Gravity Anomaly
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Gravity anomaly suggests from the location of 99VRNTGSDD1 in Birrindudu Basin, the sedimentary succession thickens to the south in the Wiso Basin.
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A gravity low similar to Beetaloo exists in the southern end of the Wiso Basin, which is named Lander Trough.
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What it implies is that the Mesoproterozoic sequence (the equivalent of Roper Group) becomes deeper and thicker to the south of the Wiso Basin. The chance of finding Velkerri-like shale gas is high.
Birrindudu Basin and McArthur Basin are both characterised by Paleo-Meso Proterozoic sediments. This Figure presents a likely correlation between McArthur Basin and Birrindudu Basin, Roper Group vs Wattle/Bullita/Tijunna Group, McArthur Group vs Limbunya Group. Wiso Basin is covered by younger Neoproterozoic to Paleozoic sediments, and with no seismic and wells in the region, age-equivalent stratigraphy of McArthur Basin and Birrindudu Basin remains mysterious in the Wiso Basin. Wiso Energy has a view that the Wiso Basin was part of Paleo-Meso Proterozoic superbasins. Our seismic program with our JV partner will reveal important information and has the potential for open up a new opportunity for NT shale-gas industry.
