MELBOURNE, Australia – Cue Exploration and its partners have formed a joint venture to drill the Ironbark gas prospect in the Carnarvon basin offshore Western Australia after completing various agreements.
BP now operates the WA-359-P permit, with a 42.5% interest. The other parties are Cue (21.5%), Beach Energy (21%), and New Zealand Oil & Gas (15%).
The semisubmersible Ocean Apex is due to start drilling the Ironbark-1 well in late 2020. Anticipated depth is 5,500 m (18,044 ft).
Under the agreements, Cue will be carried by the other partners for around $11 million of the well costs.
The company believes Ironbark could hold up to 15 tcf recoverable: the prospect is 50 km (31 mi) from established LNG infrastructure.
Australia’s NOPSEMA has accepted the environment plan for the well site survey and these operations should start during 3Q 2019.