Refine Energy acquires Petroleum Lease 18

Refine Energy acquires Petroleum Lease 18

11 December 2019

Refine Energy, together with their investment partner Surat Development Group, are pleased to announce the acquisition of Petroleum Lease (PL18) from Chelsea Oil Australia and Brisbane Petroleum.

PL18 is an established oil production lease located in the southern Surat basin in Queensland near the town of St George. Bridge Oil originally developed PL18 in 1970’s with production extending through to the early 2000’s. The PL contains a range of wells, surface infrastructure and production facilities.

The lease encompasses a number of discovered oil fields including Thomby Creek, Yellowbank Creek, Yellowbank Creek North  and McWhirter East together with a range of promising  prospects and leads. Total lease area is 46,482 acres.

The lease contains oil reserves with a significant resource base of up to 5.9 million barrels of  oil. Approximately 6% of recoverable oil resources have produced to date. Refine Energy is the Operator of PL18 and plans to recommence production early in 2020 across the existing facilities. There are also plans to implement enhanced oil recovery technologies  and assess new well prospects, both in-fill drilling and appraisal of  new drilling  targets.

Refine Energy plans to utilize their  recently acquired drilling and workover rigs to undertake all well repairs,  development drilling  and exploration work programs.

Critical to the success of this acquisition are plans to ensure the asset is brought into full compliance with all regulatory and operational  standards and codes of practice. This will be achieved  using the Refine Energy  proprietary compliance and operational management system, CYBRIX. (www.cybrix.com.au).

PL18 represents the first in a number of ongoing acquisition and rejuvenation projects that Refine Energy is currently progressing,

Refine Energy’s  competitive,  low cost approach to field operations combined with in house capability to workover and drill wells allows commercialization of what has previously seen as non-economic, stranded onshore oil and gas resources.  PL18 provides the opportunity for Refine Energy to demonstrate what can be done  to unlock  valuable energy resources for Queensland in a safe, compliant  and cost effective manner.

Refine Energy is now actively seeking farm-in and acquisition opportunities for new assets. More information on new business opportunities and Refine Energy capabilities can be found at the Refine Energy website (www.refinegroup.com.au).