Xanadu helps firm up Pilot's prospectivity

Recent Perth basin discovery claimed to validate oil migration pathways in adjacent permit

Perth: Pilot Energy believes the Xanadu-1 find has firmed up the hydrocarbon prospectivity of its own neighbouring acreage

Josh Lewis

Australian junior Pilot Energy says the recent Xanadu-1 oil discovery in Western Australia’s Perth basin validates its view of the hydrocarbon prospectivity of its own nearby offshore acreage in the area.

Pilot operates WA-481-P which lies adjacent to Norwest Energy’s TP/15 permit containing the Xanadu-1 well which was confirmed as an oil discovery last week after hitting three discrete sand intervals in the Irwin River Coal Measures with a combined net pay of 10.1 metres.

Pilot said Tuesday the discovery appeared to validate the interpreted oil migration pathways from the known oil sources of the Kockatea shale and the Irwin River Coal Measures in the Arbrolhos sub-basin in the central portion of WA-481-P.

It added the source kitchen was interpreted to have migrated up-dip through the southern portion of its permit into the Cliff Head and into the Xanadu structure.

Pilot is now seeking quotes for reprocessing of existing seismic data which it expects to take between six and nine months to complete as it looks to create an inventory of drill ready prospects within WA-481-P.

The company currently estimates the permit to hold 247.8 million barrels of prospective resource, with 80% of that believed to be sitting within the Cliff Head South oil trend and the Leander Reef trend.

Pilot operates WA-481-P with a 60% interest, while fellow Australian company Key Petroleum holds the remaining 40% equity.

Pilot took over the block last year from US company Murphy Oil following a disappointing exploration campaign which saw it drill three dusters.