10 October, 2016
New Gippsland Basin Petroleum Exploration Permit VIC/P71 awarded to Llanberis Energy
Although the Gippsland Basin has recently celebrated its 50th anniversary as an oil and gas province since the discovery of the Barracouta Gas Field in 1965, conventional wisdom for the basin is now due for a shakeup says startup explorer Llanberis Energy which was recently awarded petroleum exploration permit VIC/P71 on the southern margin of the basin.
Llanberis Energy brings together the talent and experience of seasoned explorers John Mebberson and Chris Carty who are touting the southern margin of the Gippsland Basin as the next major oil and gas region in Australia.
Early exploration disappointment in the 1960s and 1970s has left the southern margin virtually unexplored during the ensuing years. Managing Director, Chris Carty, says that “It would defy the laws of physics for oil and gas not to have migrated up onto the southern platform of the Gippsland Basin.” He goes on further to say that “there is no evidence of seeps or leakage at the edges of the basin and hence the hydrocarbons must still be trapped there somewhere.”
Llanberis Energy has spent the past 10 years mapping all of the seismic data in the area and has identified a number of different traps that are likely to contain commercial quantities of hydrocarbons. Llanberis nominated, applied for and has now been granted permit VIC/P71 which it believes to be a focal point and first trapping opportunity for hydrocarbons migrating out of the basin’s kitchen area towards the southern margin. VIC/P71 is only 30 kilometres south of the giant billion-barrel Kingfish Oil Field.
Executive Chairman John Mebberson says “It is there for the taking. None of the previous wells in the area tested a valid trap. The Latrobe Group reservoir is too high in quality to leave any hydrocarbon shows outside a valid trap and the Lakes Entrance Formation regional seal persists to the basin margin, where it onlaps basement. Llanberis Energy has a portfolio of structural and stratigraphic trap leads, some of which are capable of containing billions of barrels of oil or trillions of cubic feet of gas.”
Llanberis Energy will be seeking investors and/or joint venturers to help it unleash the potential of the ‘other half’ of the Gippsland Basin. Visit the website at www.llanberisnergy.com.au to find out more about it and how to become an early participant in the venture.