DUBLIN, Ireland — Clontarf has taken a 10% stake in the potentially multi-Tcf Sasanof exploration prospect offshore Western Australia.
Sasanof is located mainly in the WA-519-P permit, operated by Western Gas, in partnership with Global Oil and Gas and Prominence Energy. The Valaris MS-1 semisubmersible should start drilling the Sasanof-1 well in May or June at an estimated cost of $20 million.
According to Clontarf, this is a large, seismically defined, amplitude-supported prospect in the Cretaceous Lower Barrow Group at a depth of 2,500 m (8,202 ft). It is also updip from the liquids-rich Mentorc gas field, discovered by Hess.
The supply constraint is particularly tight in Australia's Northwest Shelf, where various expanding LNG export facilities are understood to be in need of new gas reserves.
"There has rarely been a better opportunity to explore large potential gas prospects in a safe jurisdiction," said David Horgan, Clontarf’s chairman. "Underinvestment in new gas developments since 2014—exacerbated by the C-19 pandemic—have left key markets undersupplied as gas demand recovers.”