PESA Australian exploration review 2019
Australia has continued its recent run of exploration success by yielding a series of impressive discoveries in 2019, despite a contraction in exploration activity. In 2019, Australian explorers were rewarded with six conventional onshore discoveries and three offshore discoveries, while only drilling 20 exploration wells. The exploration drilling highlights were the discoveries in the Vulcan Sub-basin (Bratwurst and Orchid) and the North Perth Basin (Beharra Springs Deep and West Erregulla). 2019 also saw successful appraisal drilling on the Dorado and Corvus discoveries as well as renewed exploration efforts in the Beetaloo Sub-basin unconventional plays. The exploration farm-in deals of note were Santos farming into Armour’s South Nicholson Basin acreage and Conoco farming into 3D Oil’s Otway Basin acreage. Australia is set for an exciting year of exploration with further drilling planned in the North Perth Basin and other high impact exploration wells on the North West Shelf. In a positive sign for future exploration, 13 new offshore permits were awarded with committed work programs or cash bids totalling AU$223 million. This is the first uptick in offshore permit awards since 2010.