Real Energy, an Australian gas company with interests in the Cooper and Surat Basins, has secured the official title to Project Venus permit ATP2051, from the Government of Queensland, Australia.
Project Venus, the 50:50 joint venture between Real Energy and Strata X Energy, holds high quality and very prospective acreage covering 154km2 within the main Walloon Coal Seam Gas Fairway.
The permit is located in close proximity to the gas infrastructure including pipelines, which have potential for additional capacity, said the company.
Real Energy managing director Scott Brown said: “We are delighted to have secured this permit for what is undoubtedly prime CSG acreage with considerable unlocked value. During the permitting phase, we have been working diligently with the team at Strata X to determine the most effective and low-cost approach to proving up a large resource here.
“Re-entering Connor-1 represents a good solution. Despite recent market volatility and softening in gas prices locally, the fact remains that the East Coast of Australia still has a major gas shortage with the supply/demand imbalance not being resolved anytime soon.”
Project Venus has many wells located within and around Permit ATP2051
An independent review of the data for Project Venus has determined the Recoverable Prospective Gas Resources of 694Pj – Best Estimate for 100%.
As Project Venus permit is located immediately adjacent to gas infrastructure, the JV partners are planning to expedite the progressive conversion of prospective gas resources to gas reserves. It intends to start to fast-track development of the project.
In addition, the JV is expected adopt a low cost approach to prove up gas reserves, as several previously drilled wells are already located within and around ATP2051.
Brown said: “The gas market will change significantly over the next 18 months and is likely to be in a different place when Project Venus is targeting first production.
“We are confident that the JV can deliver significant value along the way as we prove up and drill this exciting project. Now the permit is granted, we look forward to reporting on regular project milestones.”
