SYDNEY, Australia – Oil Basins Ltd. says it expected to be re-awarded Retention Lease R3 offshore Western Australia in the Carnarvon basin. The acreage includes the undeveloped Cyrano oil field.
Earlier this year Oil Basins submitted a renewal request to the Western Australia Department of Mines and Petroleum and awaits ministerial agreement.
Oil Basins will bet the lease for five years and will conduct further geological and geophysical studies including some related to the Nasutus field extension into R3.
Oil Basins already has awarded DU-EL Drilling Services Pty Ltd. an engineering study using similar low-coast, shallow water developments off the Philippines and Vietnam. Cyrano is in 17 m (56 ft) of water.