TEE 2D seismic program in QLD about to kick off
Our gas exploration Investment Top End Energy (ASX: TEE) has kicked off its 2D seismic program at its QLD gas project.
Last Friday TEE confirmed that all permitting had been completed and the mobilisation of seismic equipment to site was about to start.
TEE expects the program to be completed by the end of July.
Ultimately, TEE will be looking to run a farm-down process ahead of a drill program in H1-2024 at the project - the next steps will all be contingent on the results of the seismic program.
For some context -
TEE’s QLD project already has an independently verified prospective resource of 715 bcf (billion cubic feet) on a gross mean unrisked basis.
The 2D seismic program is being run to infill existing data and improve TEE’s chance of success when it gets on the ground and drills a well.
There is also a chance the seismic program leads to an improvement in the prospective resource numbers.
More on TEE’s QLD gas project:
TEE’s prospective resource sits inside just one of three prospects at the company’s QLD project. The three targets are as follows:
- Prospective Area 1: This area holds TEE’s 715Bcf prospective resource and will be the focus of the new 2D seismic program. TEE is ultimately looking to see if the existing formations that host the nearby proven Gilmore gas field may extend into TEE’s grounds.
- Prospective Area 2: This prospect needs additional 2D seismic data to firm it up as a potential drilling target.
- Prospective Area 3: This is a possible extension of the Adavale Basin to the east. This prospect also requires more 2D seismic data to firm up a potential drilling target.
What’s next for TEE?
Permitting in the NT 🔄
With the native title approval secured, we want to see TEE’s high priority EP 258 application granted.
Once granted, this would mark the first exploration permit (EP) granted in the Northern Territory since 2015.
2D Seismic program in Queensland 🔄
TEE now has all of the permitting completed and is about to start mobilising on site for its 120km 2D seismic acquisition program.
The program is expected to be completed by July 2023.
