Hydrocarbon Reserves

The Browse Basin is one of Australia's most hydrocarbon-rich offshore basins. It has estimated reserves* of 13.6 MMbbl (2.2 Gl) of oil, 29.4 Tcf (832.0 Bcm) of gas, 438.2 MMbbl (69.7 Gl) of LPG and 629.0 MMbbl (100.0 Gl) of condensate as at January 2006 (Geoscience Australia , 2008).

During late 2006 and 2007 several significant wells were drilled; Brecknock 3, Torosa 1, 2 and 3, Prelude 1, 1A, Crux 2 ST1, Dinichthys North 1, Tocatta 1 and Fossetmaker 1. Brecknock 3 was drilled to appraise Early to Middle Jurassic reservoir sandstones that were encountered in Brecknock 1 and 2 and the well intersected a 48.5 m gross gas column in the Plover Formation. A second hydrocarbon bearing zone was intersected in the Late Cretaceous with an 8.7 m gross gas column (Woodside investor update, November 2006). Details and results of the other wells are not available at the time of publication. The Torosa and Calliance fields appraisal continued in the second half of 2007 with further 3D seismic acquisition (DOIR, 2007).

Initial Reserves - Browse Basin

Field Data Liquids MMbbls* Gas Tcf Gas Mmboe1 Date Source
Argus 6.80 0.60 102.00 Aug-04 DPIFM
Brecknock 109.44 5.30 901.01 Dec-06 DoIR
Calliance (Brecknock S) 86.80 3.97 674.91 Dec-06 DoIR
Crux 38.90 1.40 238.00 Oct-04 DPIFM
Ichthys Brewster 276.75 6.99 1188.69 Dec-06 DoIR
Ichthys Plover 35.22 2.51 426.25 Dec-06 DoIR
Torosa (Scott Reef) 121.02 11.50 1954.98 Dec-06 DoIR

*Liquids includes crude oil and condensate, 1Conversion factor for gas (Tcf to MMboe) is 0.17x1000

All reserves are P50. All developed field resources from DoIR have been compiled using the remaining reserves plus the cumulative production as of December 2006. All other fields are reserves as of 31st December 2006.

DoIR - Department of Industry and Resources, Western Australia.
http://www.doir.wa.gov.au/documents/mineralsandpetroleum/PWA_Sept_2007.pdf

DPIFM - Department of Primary Industry, Fisheries and Mines, Northern Territory.